The spring housing market is upon us. Interest rates are low and so is inventory in most areas. Here's a snapshot of single-family sales in Ozaukee and Washington counties and how they compare to the last three years.
The number of single-family homes that sold in March this year (80) nearly doubled over January and February, and is also up 75% over the same time last year.
Prices are holding pretty steady January through March, and are just below where they were one year ago.
While the average days on market are below what they were a year ago, they are up from January and February.
The number of single-family homes that sold last month is up considerably over January and February(nearly 100%).
The average sale price is also greater than the past couple of months, as well as this same time last year.
We like to see the average days on market decrease, and that's exactly what happened in March.
So what does this mean for you if you are thinking about buying or selling?
For sellers, prices are starting to increase, and with low inventory in several areas, that is likely to continue. However, interest rates are expected to creep up by the end of the year, giving buyers less purchasing power. So you have to consider if waiting to see how much prices increase is worth the risk of possibly losing out on a bigger pool of buyers.
For buyers, interest rates are still below 4%, giving you more buying power. However, because of the lower inventory we are seeing, be prepared to write a strong offer right out of the gate, and be sure you have a preapproval letter that your Realtor® can submit with your offer. And keep in mind, too, the effect predicted higher interest rates would have on your monthly payment.
You can see with the lower days on market that houses are moving at a faster pace than we've been seeing. Call me to find out how the market is in your area specifically to help you decide if this is the best time for you to buy or sell.