According to the National Association of Realtors’ (NAR) Existing Home Sales Report, homes were on market for an average of 58 days in December. This was slightly longer than the 54 days in November, but still better than the 66 days experienced in December 2014. What is the significance of those numbers? If you're buying or selling a home, no doubt you've actually felt it. Those numbers mean we are in a seller's market, with values continuing to go up while inventory remains scarce. Here is a surprising statistic:
32% of homes across the country were on the market for less than a month!
Colorado, Utah and Delaware led all states as homes are selling in 30 days or less on average. The map below was created using results from NAR’s Monthly Realtor Confidence Survey. The map below indicates homes in Washington State are selling in 46-60 days on average, but that's average. In hot markets around Puget Sound, many homes are active for only a few days before multiple offers send them pending. It's a frustrating time for buyers when there are so few choices and competition is so strong! However, securing the home of your dreams isn't impossible.
Buyer demand remains strong, and if you are hoping to purchase a new home you may find yourself with stiff competition. The inventory of homes for sale remains low, and when and how those numbers will change remains uncertain. If you are considering selling your home, that means "now" may be exactly the right time to do so. If you are contemplating a purchase, having an experienced guide through the process is more important today than ever. Whether you are considering buying or selling, meeting with an experiencedl real estate professional who can discuss your options and help you navigate all the possibilities is crucial to your success. And, as always, if I can answer any questions or be of assistance, please don't hesitate to let me know. I'm here to help!