What’s currently happening to our housing market? Today, I’m sharing the latest updates in our local real estate landscape.
Spanning from 2020 to last year, we had more properties under contract than we had active listings. However, this trend reversed in the fall. This is significant because it signifies a surge in demand. There are currently approximately 2,450 active listings on the MLS, and we have about 2,470 more under contract.
We anticipate this trend to continue at least until June or July this year, if not longer. This expectation aligns with our usual hot and cold selling season. However, when comparing closed properties from last year to this year, there is a slight decrease. A likely cause for this was the change in interest rates.
“The market is currently very active.”
Last year, we closed around 5,500 listings by this time, whereas this year that number was 4,100. Therefore, things are turning around. However, market activity slowed down last fall, leading to fewer transactions.
Predicting the number of closings for this year is challenging and could feel like a crapshoot. Still, one clear thing is that the market is currently very active. Properties are selling quickly, often receiving multiple offers and quite frequently above list price.
If you have any questions about the market, please feel free to call or email me. I’m always happy to help.