March Market Madness

If you are selling or buying a turnkey home, the market has definitely picked up. A little “March Madness'“, if you will. Buyers are being much more choosy these days! With the increase in interest rates, affordability has decreased. Most buyers don't have renovation funds for fixer-uppers. Turnkey homes are where it's at. They are looking at ~14 homes before going under contract. Unemployment is still historically low, below 4%. Rates have increased again but remain below 7% for the average buyer.

33-35% of all homes in the market are seeing multiple offers. This is especially true in the under $500,000 market where we only have 0.5 months of inventory. Buyers have “half” a home to choose from. The $500K-$1M range has 0.9 months of inventory, so they are also in the multiple-offer territory. Nearly 30% of homes last week made price reductions to go under contract at an average of 5% reductions. In November and December, we were above 8%. Overall, the odds of selling picked up to 64%.

The average days on market is 9! Back in November, we were sitting at 51 DOM!

Thank you Megan Aller with First American Title for these slides and your weekly market update with Nicole Rueth. Without data, you’re just guessing, right?! :)