Hopefully, you’ve had a happy 2018 so far! Today, I’d like to fill you in about what happened in the real estate market this past January.
We had 10,389 homes come on the market this year, as opposed to the 10,316 the year before. With a 0.8% difference, there was pretty much no change.
There were 19,961 active listings in January 2018. This was a 9.7% decrease from the previous year, which had 21,909 listings.
Six thousand one hundred and sixty-one homes sold on the market this year, constituting a 2% increase in the number of homes sold.
Inventory went down from 3.63 months last year to 3.24 months this January—a 12% drop.
It’s still a seller’s market. Rates have been going up, and they’ve actually hit the highest level they’ve been since 2014. However, they’re still relatively low.
We’re seeing a lot of buyers coming into the market to purchase homes, but there aren’t enough homes for sale. They naturally want to lock in the rate while it’s low, so if you’re thinking about buying a home, now is a great time. If you’re thinking about moving in the future, do it as soon as possible so you don’t run the risk of it going higher in the future.
For any questions about buying or selling, please feel free to contact me.