Spring has sprung.
If the lines around the block of an open house under $400,000 are not enough of an indicator for you perhaps the fact that number of units under contract from January to February another 14% in residential and nearly 20% in attached dwellings will be enough to convince you. With warmer weather coaxing the earliest of buds out of our tree limb already in 2017, we hope too that with the early onset of demand will also urge sellers to list their homes earlier this year to help ease the compression in the market place.
As compression sets in, where more buyers are in the market than there are homes to sell them, we saw a 10-15% jump in the number of homes under contract in the first 7 days on the market. This number sat at 45% for detached homes and almost 55% for attached dwellings, with expectations to climb to nearly 65% before the market begins to pull back in June or July.
With the market in full swing many buyers are peaking up with similar questions, so these have been covered in the extended version of this month’s HOT Topic on pages 4-36.