Welcome to March!
Where has the time gone? I can't believe we are already heading in to the spring market, which, by all accounts, is looking like it is going to be strong.
Looking back at February, inventory was low and sales were not as high as they were around this time last year. However, we still had higher sales than long term. As a matter of fact we haven't had sales this steady since 2006!
As we enter into this spring market be sure to keep an eye out for some of my upcoming listings. Tuscany, Cougar Ridge, and Mahogany are just some of the areas where I will have listings coming up.
Consistent with typical seasonal behavior sales, new listings and inventory levels all trended up compared to last month. However, with 1,740 sales and 2,389 new listings, inventory levels improved only slightly over the last month and remained amongst the lowest February levels seen since 2006.
“While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains,” said CREB® Chief Economist Ann-Marie Lurie. “Prices are still below the May 2022 peak and it is still early in the year. However, if we do not see a shift in supply, we could see further upward pressure on prices over the near term.”
Both sales and new listings declined over last year’s record high for the month. While sales activity remained stronger than long-term trends and levels reported throughout the 2015 to 2020 period, new listings fell below long-term trends.
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