The market is heating up! In this last month, new listings are down, which sounds surprising for February; however, it has happened five out of the last ten years, so it's actually kind of normal. Active listings are also at an all time low. This is tough for buyers and good for sellers.
Days on market have decreased, which means people are buying properties faster.
Months of supply are still low, which is defined as the months that it would take to consume all the existing inventory at the current pace of consumption.
Price per square foot has increased, and closing price as a percentage of the original list price has also increased. After increasing last month, Mortgage rates have dropped dramatically this past week! There's an epic battle between high interest rates and low inventory.
Stay tuned to see how it goes. Please call if you need anything!
