Looking at The Cromford dashboard on my homepage, you see 4 key measures pointing up.  Monthly average square price is up, annual average square foot price is up, measured across the Metro area annual appreciation is 6.8%, and so far this year – up 4% is sale prices.

Is anything down?  Yes, inventory is down.  The number of homes available for sale in our MLS (multiple listing service) is at the moment riding just over 20,000 properties (20,179 at the moment) .   At this point last year, that number was 20% higher, at just over 25,000 properties.

What does this mean for buyers?   Lower inventory- or the number of potential homes in your price range and area is likely going to affect your experience compared to a year ago.  The lower the price range, the more buyers seeking to purchase, the more competitive experience, and the higher likelihood you will encounter losing the house to another buyer. Real estate is local! So, depending on where your price range falls, your experience may not be as extreme.   Homes in higher price ranges (let’s say $300,000 and up for this discussion) tend to move a little more slowly than those sub-$300k or even more so, sub-$200k.

And…. what if you want to sell?  If you are a seller contemplating selling your home, what does this mean to you?   First and foremost, Real Estate is Local!  So,  you need a good update on recent sales and the number of active listings your home may compete with; homes similar to yours in size, levels,  amenities, and area/community.  With this information, you are armed to deal with what may be a multi -offer market reception, or whether your home exists in a price range or area/community that means you need to be well prepared and well priced to effect a reasonably fast sale.

And what if your particular home or neighborhood presents a unique challenge to aggressive pricing and fast sale? Despite challenges your home or location present to the sale, overall, we have a seller’s market.  That means the trade winds are blowing your way, and with wise and prudent market preparation of the home and realistic pricing, you are probably better situated to sale your home in the current market than you will be when the demand/supply ratio reverses to a buyer’s market.

Call or email with questions =-]