Dear Friends,
With SuperBowl Sunday behind us. we are officially in SPRING MARKET !
While existing home sales were down slightly for the eleventh consecutive month (-1.5%), according to the National Association of Realtors (NAR), and Realtor.com reported the number of homes on the market has increased — +65.5% in inventory year over year (including condos and coops). Realtor’s latest Monthly Housing Market Trends Report reports that home supply is still 43.2% lower than it was pre-pandemic (2017-2019),
Moody’s Analytics deputy chief economist had this to say last week:
“As we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. ”
THIS SPELLS STABILITY !
Locally, yes, we are still experiencing many multiple offer situations (especially properties that have been spruced and staged and exhibit little or no need for heavy improvement) in what is still definitively a seller’s market But since real estate tends to be a buy and hold investments, remember there are smart purchases to be made out there – IF you have the right advice and information.
Please click the link below for the latest detailed market reports, and if you have any specific questions about your moves soon, now, or in the distant future, please feel free to call.
Hope to see or speak to you soon !
My best regards,
Joni Usdan
203.216.7654
Coldwell Banker President’s Elite
Top 1% Agents Worldwide
All The Right Moves. All The Right Places.
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