Multiple Offers Are The ‘Buzz’!
Sat, 12 FebWell, there is quite a bit of buzz amongst my colleagues. Multiple offers on single family dwellings are becoming quite common. However, average prices don’t seem to reflect this upswing in the market just yet.
All residential sales average price was up 3.2% year over year, but down 1% month over month. The low inventory is dictating a seller’s market of 3.8 months remaining.
Single family is where I expected to see more dramatic numbers, however, average price is up 3.3% Y/Y but down 4.4% M/M. December seemed to be a better month for houses. This product is still in a seller’s position of 3.0 months of inventory.
Condominiums saw the most dramatic increase of 3.2% Y/Y and 8.5% M/M but still remain in a buyer’s market position of 6.4 months of inventory.
Duplex/rowhouses are up 7.4% Y/Y and up 4.9% M/M with only 1.8 months of inventory. Sellers are in the best position. This is typically mostly a starter product and could reflect the response of buyer’s finally buying with the concern of mortgage rate increases to come.
Real estate valuation is local, neighborhood specific and often condo complex specific. So if you are thinking of making a move, call me for a professional opinion and representation.
All about you. Really.