As I am writing this the temperature outside is +15 with expected temperatures of over 20 on the weekend. The only thing hotter is the housing market. The spring market always picks up sales but this year we are seeing some interesting things.
So far in 2012 there have been 645 sales with 1104 new listing becoming available. That is just over 58% selling. That is up over the past few years and a good sign. But its the recent market that interests me - over the past 30 days we have had 308 new listings become available with 218 new sales, that is about a 70% absorption rate. But the last week we have seen only 72 new listings with 54 new sales reported for a 75% absorption.
What I am seeing is there are fewer listings becoming available and more sales. If you look for sales this year from January 1st to today (May11) there have been 645 sales compared to 540 for the same time period in 2011, while listings this year are at 1104 compared to 1117 last year. So fewer listings and more sales.
For sellers this is a great time to sell, buyers are looking and have less to choose from. Interesting factoid out of the recent 54 sales this past week is that 7 of them sold at asking price or more.
For buyers be ready. When you find that right house and you know it - buy it. No need to panic but when you know its the right house buy it.
Thanks for reading
Ken Devoe - Century 21 Advantage
Follow me on Twitter @kendevoe