With Spring just around the corner, there is some telling data from the shortest month of the year. The information really highlights the struggle buyers are having in the market.
The months inventory as measured by active/under contract was just under 2 for February; the lowest I’ve ever seen. Continued buyer activity through late Nov – Feb, a normally quiet period, drove the asymmetry in results over the past months.
As one would expect, homes are often going well above ask, averaging 14% over list price among February closings, versus 2% under last year.
Word is out that homes are getting premium prices.
So where are the sellers?
There were numerous headwinds to more inventory being available now. The barrage of snow in February certainly didn’t help motivate sellers to get their homes market ready. Planning around COVID hampered searches for their next homes logistically, in addition to facing low levels of inventory.
Here are a few recent closings that highlight the current market:
What should you do?
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