The data indicates there is lower inventory than spring of 2016. This lower resale inventory of Single Family homes has impacted the days on market. Properties selling within the first 30 days are at 62.6% of total properties available for sale. In addition, there is an increase in the number of properties selling in the first 30 days by 10% when compared to April of 2016.
Average Days to close from list
Total average days on market is now less than 120 days. Properties that are priced right and in the market under $300,000 are getting multiple offers and in many cases, buyers are bidding above list. Some sellers are asking buyers to pay more than the appraised value if the appraisal comes in less than the agreed upon sales price.
Recommendations to buyers
If you are a buyer, we recommend you act quickly writing and presenting your offers. Include your pre-qualification letter from your bank, or proof of cash to close the transactions if you are paying cash. A letter to the seller telling them how much you like the home could be what you need to convince the seller to sell to you in a competitive market.