At the end of March in the City of Peterborough we are sitting with only 24 days’ worth of inventory. Meaning if we continue the pace of selling homes without any new homes listed, we will run out of inventory before the month of April end, truly a Seller’s Market (There are more buyers than there are homes for sale.)
With fewer homes on the market and more buyers, homes sell quickly in a seller’s market. Prices of homes are likely to increase, and there are more likely to be multiple offers on a home. Multiple offers give the seller negotiating power, and conditional offers may be rejected.