Spring is finally here and the housing marketing is receiving some much welcomed warmth. With winter finally at an end, more sellers are likely to jump into the market in the coming weeks and buyers are rejoicing.
There are plenty of homebuyers who are ready to purchase a home right now. Pending home sales rose solidly in February to their highest level in seven months and remain higher than a year ago, according to the National Association of Realtors® (NAR).
Lawrence Yun, chief economist for NAR said. "Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what's being scooped up by a growing pool of buyers."
This is continued good news for home sellers. According to the National Association of Realtors® (NAR), which recently released its February housing data, properties typically stayed on the market for an average of 59 days. This is an indicator that buyer demand is still very strong.
Essentially, the message has been the same as it has been for months. Now is the opportune time for sellers to put their home on the market. According to NAR, total housing inventory of existing homes available for sale at the end of February increased 3.3 percent, but was still 1.1 percent lower than a year ago. Unsold inventory is only at a 4.4-month supply. A balanced market is considered 6 months.
For home sellers, that means if you want to sell your home, it will sell and most likely, rather quickly. To learn what is happening with prices, inventory and sales activity in the communities that interest you most, look to the graphs provided with this update. Even better, contact a Coldwell Banker Residential Brokerage affiliated sales professional today. A qualified sales professional can help you review your options and advise you on how you can act now.