February 2017 vs. February 2018: How Has Our Market Changed?

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Now that February is behind us, it’s time to take a look back at the latest market statistics from that month.

In February of 2018, we saw 9,721 new listings come on the market. This is a 3% decrease from what we saw in February of last year, when the number of new listings was 10,016.

As for the total number of active listings, we had 20,711 on the market this February compared to 22,305 in February 2017. 

There has been a 7% increase in the number of homes sold, with 7,019 listings having sold in February of 2018 and 6,529 having sold in February of last year.

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There’s no way to be sure what the market will do, so don’t put off your real estate plans any longer.

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Also, inventory has dropped. This February we had 2.95 months’ worth compared to last year’s 3.42 months. This is a 16% decrease in supply.

Due to our low supply and high buyer demand, most of our local markets currently favor sellers. Buyers are still highly motivated, despite the fact that rates have gone up, rising from about 3.5% last year to 4.25% this year. Buyers are concerned that if they don’t buy a home now, they’ll be subject to even higher rates later on in 2018.

In fact, the Fed has hinted that they may be raising rates as many as four times this year.

Whether your real estate plans are to buy or to sell, I recommend making your move as soon as possible. There’s no way to be sure what the market will do, so don’t put off your real estate plans any longer.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.