As temperatures rise, so does the amount of inventory on the market. However, we are still experiencing a strong sellers market.
There is still a drastic shortage of homes on the market and sellers are in high demand. This is the ideal time to sell as buyers are consistently offering over asking price and even waiving contract contingencies. Buyers are looking at expired listings as a result of continued low inventory. It continues to be easier in some cases for sellers to sell their home, then rent until an affordable opportunity to buy a new home arises.
All stats below are based on End of Month in March vs February:
Denver
Weeks of inventory – 4 weeks vs 5 weeks (Up 20%)
Median days on the market – February: 5 vs March: 4 (Down 20%)
New homes on the market – 4,558 vs 4,099 (Down 11%)
Homes sold – 3,878 vs 5,169 (Down 25%)
Inventory in the 10-County Denver Metro fell for the 11th straight month in March. The median days on the market was 4; 3 days less than March of 2020.The percentage of homes that had been on the market for 30+ days and 60+ days continues to drop, meaning buyers have fewer stale listings to choose from. Home sale volume increased by about 25% from February and the median sales price jumped up to $588,009 from $553,231.
Phoenix
Weeks of inventory – 5 weeks vs 4 weeks (Down 20%)
Median days on the market – February: 41 vs March: 26 (Down 37%)
New homes on the market – 9,217 vs 9,625 (Up 4%)
Homes sold – 8,047 vs 9,806 (Up 18%)
Phoenix home prices are up 17.1% compared to last year, with a median price of $350,000. Nearly half of all listings have sold for asking over asking price even as inventory increases slightly. While inventory is still low overall when compared to March of 2020, demand is beginning to decrease as interest rates go up.
Raleigh
Homes on the mark
Weeks of inventory – 3.5 weeks vs 3 weeks (Down 15%)
Median days on the market – February: 21 vs March: 16 (Down 24%)
New homes on the market – 3,757 vs 4,416 (Up 15%)
Homes sold – 2,991 vs 3,893 (Up 24%)
Raleigh area home prices are up nearly 10% for a median price of $332,000 when compared to March of 2020. Inventory has decreased, making the home search even tougher for buyers as demand remains high despite a slight increase in interest rates. Now is still a great time to sell your home, and if you’re considering buying, be sure you are able to move quickly on the limited inventory.
Seattle
Weeks of inventory – Single Family Residence: 3 weeks vs 2 weeks (down 33%), Condo: 6 weeks vs 6 weeks (equal)
Median days on the market – February: 19 vs March: 7 (down 64%)
New homes on the market – 5,311 vs 6,049 (up 13%)
Homes sold – 3,959 vs 7,803 (up 49%)
Seattle continues to see low inventory overall and high competition in buyers. Buyers are facing bidding wars and escalating prices as the median sale price is up 19% from March 2020. A slight uptick in available inventory still can’t quite keep up with demand as interest rates for buyers remain low.
Seller Suggestions
Interest rates have started to rise, but it is not unusual for today’s sellers to field multiple offers just hours after going active on the market. While it may be tempting to go with the highest bidder, be sure you are avoiding high-risk buyers by understanding any contingencies included in the offer. This is where your agent comes in, plan to utilize their expertise to identify your top offers. The sellers market remains strong, but as inventory slowly increases sellers should get their home on the market as soon as possible.
Here are a few blogs that might help you as a seller:
Here are a few blogs that might help you as a seller:
- What is FSBO? Know This Beforehand
- Expenses You Can Deduct When Selling a Home
- Can a Seller Back Out of an Accepted Offer on a House
Buyer Suggestions
Remember you are likely competing against multiple offers, it’s important to consider more than just your offer price. Consider looking below your maximum price point to allow for a more competitive offer as homes continue to sell for over asking price.
Here are a few blogs that might help you as a buyer:
Please note, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low flat fee. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Phoenix, Raleigh, Seattle, St. Louis and Tucson. In the meantime, please stay healthy and safe.
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.