Today’s topic: March Madness.
No, I don’t mean basketball—I’m talking about the madness of the real estate market we saw in March of this year.
In March, 11,170 homes came on the market, as compared to the 11,560 we saw in March 2018. That’s a 4.4% decrease in new homes coming on the market for sale.
Even still, we had 22,211 homes on the market for sale, which is 16.3% more than the 19,094 active listings we had last year.
We sold 8,507 listings this March—11.9% fewer year over year.
When we looked at the month’s supply of inventory, we saw that it went up 2.61%. Last March, it only increased by 31.98%.
In summary, we have more homes on the market for sale and fewer homes that are selling, which means that the inventory has increased. At the same time, mortgage rates dropped faster in the last 60 days than they have in over a decade!
Amid these mixed indicators, we’re noticing that homes that are priced well and are in great condition are still selling very quickly in most cases. Homes that need work and are priced too high or aren’t presented correctly are obviously taking longer to sell, if they sell at all.
Right now, we’re in a normal market that seems to be in flux—some areas in the Valley are slowing down, and others are pretty hot.
If you’re curious about what your home is worth, or if you’re thinking about buying a home and you’d like some tips on how to get the best deal in our market, don’t hesitate to reach out to me at (602) 738-9943. I’d love to help.