The Buyers Are Back!
As we all know, the market tends to pick up directly following Presiden's Day Weekend at the end of February with a secondary pick up following Easter. This year was no exception with a huge jump in listing and buyer activity. This week over last week we saw active inventory remain flat, new listings up 39.8%, and pendings up 20.3%. Showing activity increased by 37.5% with over 17,004 showings set with buyers looking at on average 14 properties before writing a contract. Median days on market dropped to their lowest yet with just 5 days on market. Fewer price reductions for units going under contract also dropped to only 20.5% of homes making price reductions with an average of -5.2% off the original price.