Today at WK Real Estate, we discussed national trends and market data that is affecting the value on your property listing. Here are a few of our top takeaways:
The current Total Inventory of about 260,000 properties is significantly lower than the average of about 1 million properties
- This has meant increased bidding wars for the few properties that are available for purchase.
- It might be time to get your house on the market! The housing market is still going up, and inventory will not be up to the average by the end of this year.
- It may take several years to get back to “normal” levels of inventory.
- There are a lot of people afraid of buying right now because they are worried that we’re already at the peak. However, it seems unlikely that we’ll see any reason for that to be the case, assuming we don't get 700,000+ properties that suddenly appear on the market.
Quick Sales
This week, of the 90,000 properties that became Active and available for sale, about 26,000 of them went Under Contract in under a week!
The percentage of property listings that were quick sales actually peaked 2 weeks ago, but this week about 29% of the properties were gone in less than 1 week.
So, it is still quite likely that a new listing will receive competitive offers for the property.
More homes are Pending than Active on the market right now (this is unusual).
Inventory is expected to climb in May and June, and we’ll have to see if the number of Pending properties goes up comparably.
It is predicted that the numbers of Pending and Active may approach each other, but later this year there may be more Active than Pending as we hit the "end-of-the-year downturn" in buying activity. However, here in Boulder and along the Front Range, that national trend may not hold true.
Median US Home Listing Prices: Right now, we’re at about $415,000
Prices are predicted to continue climbing for another 8-10weeks through the summer months and then dip down at the start of the fall season.
The US Median listing price is expected to land around $430,000 by the peak of this summer's market.
Last year, the median price was $375,000 at this time.
Days On Market (DOM)
The national average Days on Market for properties is currently at 21 days, much different from the historical time frames of 60-90 days on the market that we have seen in the years past.
Springtime is typically the time of year when we see DOM decline, but it is unknown whether they can really go any lower in this current market.
If we see DOM increase, then we can tell that buying activity is cooling off.
If that is happening, then we’ll also see the rate of quick sales trending downward.
In summation, the housing market is still very hot and properties continue to move onto and off of the market rapidly!
Remember that WK Real Estate wants you to find the property of your dreams. Please, contact us today to see how we can help you.