Consistent high demand for local housing continues. Interest rate increases don’t seem to have hampered buyer demand, and maybe have even lit a fire under buyers to secure a home sooner than later!
The average sale price among the 26 closings in March exceeded ask by 28%, tying the record set in December.
While ‘bidding war pricing’ has helped fuel this, this contextually high percentage demonstrates the extent to which buyers will extend themselves over asking price.
Keep in mind that this is the average! This includes homes that went 35%, 45%, and, in one case, 57% over asking price.
Houses continue to sell very quickly. Among the 50 accepted offers in March, the average days on market was 19, versus 25 in the trailing 12 months.
In March, 63 new listings came on the market, boosting active listings to 96, significantly higher than the 63 active listings in February, but still well below the average of 150 active listings for March over the past 5 years.
More listings will be coming on the market this season as empty nesters look to capitalize on high prices.
Looking for how to best navigate this market from the seller’s side or the buyer’s side?
Contact me to create a strategy to take advantage of this market.
3rd Generation Owner