Weekly Market Update

Single Family Market Report:
1347 Active Listings (this is 50% lower than this time last year!!)
273 New Listings as of Wednesday, July 22
235 Under Contract (Inspection Period)
298 Pending
336 Sold

The market statistics are continuing to show that this is a Sellers Market:
Inventory is down 50% from this time last year---making it hard for buyers to find homes!
New Listings are down 31% from this time last year---leading to multiple offer situations!
Year to date sales are down 10% for the first half of this year

It's a wild world out there in the real estate market! I submitted a few offers this week & in every situation there were at least 10 or more additional offers. My clients are bidding 10-25k over the list price to try & get their offer accepted. One thing that's really important in this market for buyers to pay attention to is whether or not there is value that can be added to the house once they buy it---can the basement be finished, can the kitchen be improved without an expensive renovation, what can they do to the property to ensure that they can add value because they're buying in a market where the prices are high.