Shadow or No Shadow, Real Estate Shines Bright as Spring Approaches

An early spring isn’t just limited to the anticipation of warmer weather — as we’ve been predicting, a busy real estate season is beginning to bloom! Buyers have started to turn up to the market in droves, thanks to mortgage rates that have dropped a full percentage point since October. Due to this decline in rates, homebuyers with a $3,000 monthly budget have gained nearly $40,000 in purchasing power. That paired with a welcome increase in inventory is providing them more choices than they’ve had in a long time.

New listings increased almost 15% year-over-year to 3,280 and pending home sales increased 6.5% to 3,294. Although buyer activity has increased, many buyers still seem to be choosier than they have in years past. Prices are still at all-time highs and buyers want more bang for their buck, desiring move-in ready homes to help alleviate the sticker shock of current home prices. Median days in MLS has increased by almost 6% to 36 days. Closed sales have declined by about 6.25%, although that shouldn’t be surprising as these homes likely went under contract in December which is our traditionally lowest inventory month of the year. 

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