March Listing Prices Surpass 2017

The median list price for homes nationwide this March have now topped a 

record high set in 2017. The median list price was $280,000, up 8 percent year over year in March, topping last July’s record of $275,000, reports.

Not only are home prices higher but homes are also selling faster this year. Days on the market ped 7 percent compared to last year, reaching a median of 63 days in March. 

There are also fewer homes for sale, with inventories of homes for sale ping 8 percent, according to report, which is based on for-sale data culled from U.S. MLSs. 

'Our latest inventory data tells us buyers are out in full force this spring. Never in history have there been more eyes on fewer homes than today. At the end of March, we observed price gains that put us on pace for half of the homes listed this summer to be above $300,000. Buyers are not just paying more for the same home; the mix of homes in the market is rapidly changing.

“Never in history have there been more eyes on fewer homes than today.” 

“Buyers are not just paying more for the same home; the mix of homes in the market is rapidly changing,” he adds. 

Housing inventories between $200,000 and $350,000 remain low, and homes under $200,000 are even harder to find, realtor.com® notes. 

March housing trends show the inventory depletion we've seen over the last two buying seasons is carrying over to this year. It's going to be a languid search for buyers this season as they face the harshest, most competitive buying conditions yet. 

While days on market and total listings are decreasing at a slower rate than before, 36 of the largest 100 markets in the country are still seeing inventory move at least a week faster than this time last year. This includes cold weather markets that are thawing faster than expected and quickly catching up to the rest of the country.'

It’s going to be a languid search for buyers this season as they face the harshest, most competitive buying conditions yet.”

Are you ready Buy or Sell? The decision to Sell or buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested on a wealth of information to help you get started visit Precision Realty & Assoc. LL or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today.

Source: realtor.com®