One down, 11 more to go! I hope the first month of the new year treated you well! Here is how January’s real estate market treated us! We have a slight bump up with active inventory at 3,308 active property for sale. There were 778 properties sold which puts us at a 4.25 month supply and an absorption rate of 23.52%. Of the 778 sold; 500 were financed and 269 were cash transactions. The types of loans were 333 conventional, 77 FHA and 90 VA. The bump in inventory is typical for January, there are a lot of sellers that wait to get through the holidays before they list their home for sale. Under 800 closings in January is a little lighter than normal, but January and February are normally the two slowest months of the year. The number of showings that are happening and the number of properties that are going under contract show that we are still in an active market. Buyers who submit offers are usually competing with other offers. Sellers that list their home with a competitive price compared to their area, will receive a high number of showings the first 7 days their home comes on the market.
If you are a homeowner and are curious what all this means to the value of your property; you can give me a call and I can answer any of your questions OR, you can click on the link below for a market snapshot for your property.
Click Here to find out what your home is worth