As we continue to head further into spring, all eyes remain glued on inventory in our market, with many wondering when things will bottom out and begin to trend upward.
March offered buyers a glimmer of hope with 37% more new sellers hitting the market than in February. An increase in sellers hitting the market from February to March is common, yet the interesting thing here is the amount of the increase, which is closer to the 45% we saw over the same period in 2019 rather than the 21% increase we saw last year.
Looking at our weekly and daily reports from April, we’re continuing to see an increase of sellers hitting the market. As a result, total inventory, which had been consistently trending downward, has leveled off. Inventory remains low, but this recent spike offers the potential for a small amount of breathing room for buyers. We’ll continue to keep a close eye on the number of new sellers coming on the market as we move through what is typically the busiest selling season of the year.
Another noteworthy development comes from the new construction market. Typically stable above 4 months supply of inventory, new construction inventory has declined sharply down to 1 month supply of inventory. This led to an 14% increase in list price from February to March. With strong demand and the cost of materials remaining high due to production-related challenges caused by the pandemic and the impact of the winter storm we had in February, this market will be one for us to keep an eye on as well.
Speaking of the recent winter storm — if your home was damaged in February’s winter storm, you may be eligible for a temporary tax exemption. We recently posted a summary of the exemption on our blog, and are spreading the word to any homeowners that may benefit from filing! Visit https://vanpooleproperties.com/2021/04/23/tax-exemption-for-storm-damage/ to learn more.
The takeaways for both buyers and sellers largely remain the same. For buyers, great representation goes a long way when it comes to finding off-market opportunities and presenting winning offers, and patience and persistence remain keys to success.
For sellers, high demand and low inventory continue to deliver a decided advantage. One way, in particular, we’re seeing sellers win is with leasebacks, which provide sellers additional time — and peace of mind — when it comes to finding their next home.
As a reminder, our Cash Purchase Program is available to both buyers and sellers. If you are looking to make an all-cash offer on a home or prefer to buy your next home before your current home sells, give us a call today at 214-267-9222 to learn how we can help!