April’s market trends are in! The Spring Frenzy of 2023 has been quite interesting (stats from DMAR):
- Typical of the season, competition heated up. Median days on the market dropped significantly as buyers snatched up well-prepared listings (while over-priced properties aren’t moving).
- Unlike previous springs, there’s been no big pop in inventory. Across our seven most popular counties, week-over-week, our inventory has remained flat (Megan Aller, First American Title).
- In line with 2013-2019, April’s home prices remained strong. Bidding wars occurred for the most appealing properties. On average, sellers received 100.21% of their asking price.
“But prices are less than this time last year!” You’re right. Our market is rebalancing as the Federal Reserve works to slow down the extreme economic conditions. And we boots-on-the-ground experts can attest that our buyers and sellers are having a more pre-pandemic experience.
When will we see more inventory? Will interest rates drop soon? Even our industry’s best market experts can only speculate. Is now a good time for you to buy/sell? I can provide you with the information, resources, and options to make a confident decision. Planning and patience have been vital for people to achieve their real estate goals this year. So it’s not too early to start the process. Text, email, or call me at 303.912.5394 or [email protected].