The Great Rebalancing of 2023 has been enlightening, as our spring was less hectic than we anticipated. Take a look at DMAR’s May stats:
– Although there was a 9% increase in new listings compared to April, the number of homes for sale remained far below the 10-year average of 7,500.
– Despite fewer homes for sale, there were still some typical spring trends: closings rose, average sales prices increased, and days on the market shortened.
– Our seven most popular counties have 1.3 months of inventory, significantly below a balanced market of 6 months. According to Megan Aller from First American Title, when we have less than one month, sellers should anticipate multiple offers.
The slow spring market can be summed up in one word: inventory. The usual surge of listings during the season did not occur. However, this is great news for sellers as buyer demand remains strong. So if your home is priced well and/or in excellent condition in an attractive neighborhood, list this summer – you’ll get a great return. Buyers take advantage of the lower competition. With house hunters busy with summer plans and or burned out from the summer, you have a better chance of going under contract when you find the right home. Text or call me at (303) 868-3097.
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