We hope you had a Happy Mother’s Day weekend. We are seeing trends of a strong summer selling season. We are averaging 2500-2800 homes hitting the market each week, and 4500-4800 homes going under contract each week. This should lead to a tightening of inventory over the next few months which will drive home sales. We are seeing a few trends that are worth noting:
- Buyer are quicker to make offers. In fear of losing out on a property, they are making offers quickly, and are jumping out of contract or offer status just as fast. This means that sellers need to sell a home not once or twice, rather they are selling now three or four times before the home successfully closes.
- Days on market are going up across the metroplex, so do not panic if your home isn’t sold as fast as it would have sold last year. With these buyers jumping in and out, it delays a home’s status by 7-10 days every time a buyer goes out of contract. So where a neighbor’s home may have sold in 10-14 days, now it may look like 24-45 days for the same neighborhood and price point
Let us know if you have any questions on interpreting the market, it is changing weekly.
Cheers,
Seychelle & Team
