How's The Market? February 2020 Edition

THE BREAKDOWN


In January we have seen gains in median price for all segments except Apartments. Pricing is starting to uptick as we continue into the spring market. As this time brings with it more buyers, the number of listings also increase. With this correlation, you would expect pricing to decline with more inventory. However, when listing growth outpaces demand, we continue to see price increases. 


If you are considering to sell your home this year, I would strongly recommend we sit down and go through the process and prepare your home for the market. You will want to be beat the competition for the buyer's attention. 


Days on Market continue to see declines throughout the segments as more and more inventory is being absorbed by today's buyer. As sales continue to increase and listing inventory declines (or is outpaced by sales) we will continue to see a move to a balanced market. 


If you are currently in the market to purchase, I would recommend you look at what you have seen and ask yourself if it meets 80% of what you want. If not, keep a keen eye on the spring market early so that you can have access to a bit more selection before everyone else. I'm more than happy to sit down with you if you aren't already working with someone and go through the process. 


If I can assist you in any way, whether it be selling or buying, please give me a call or send me an email at ajanmohamed@remax.net and lets go for coffee and chat about how I can help!

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