sales have continued to rise this spring and, according to the National Association of Realtors®
April figures, sales
have been above year-ago levels for 22 consecutive months and prices have shown 14 straight months of
year-over-year gains. In some locations, prices have jumped upwards by 22.5
percent, according to the Standard
& Poor’s/Case-Shiller home price index.
To gauge whether this trend is happening in your
area, refer to the links on the right or contact a Coldwell Banker Residential
Brokerage sales professional who can provide you with pricing and inventory statistics
for your communities of interest. Since real estate is local, trends can vary throughout
the region, from town to town and even across neighborhoods.
As prices rise, more home sellers are jumping
back into the market to take advantage of the unprecedented increase in buyer demand. In a recent
release by NAR, total housing inventory available for sale at
the end of April rose 11.9 percent compared to March. Though it’s still a
seller’s market today, the scale could tip in the near future.
As more home sellers enter the market, the level
of competition will increase. If buyer demand lowers, sellers could see shorter
price gains and sit for longer periods on the market.
For now, buyers are still increasingly active
and opportunity still exists for home sellers. The NAR release noted that listed
inventory is 13.6 percent below a year ago, which means little competition and
a shorter time on market for smart sellers.
Buyers, remain patient. Even in a seller’s market, there is
opportunity for you as well. Obtain pre-approval for a mortgage so you know
exactly what you can afford, and be ready to make a purchase decision quickly.
Work closely with a Coldwell Banker Residential Brokerage sales professional
who will lead you through the process and help you get your dream home.
At Coldwell Banker Residential Brokerage, we
think this summer market will continue to rise along with the temperature. If
you are wondering whether or not you should take advantage of the heat, contact
a Coldwell Banker Residential Brokerage sales professional today.