Here’s a look at how inventory levels changed over time—the numbers are staggering.
Here’s a quick update about where our real estate market has been, where it is right now, and where it’s headed in the future.
We started the year in a strong seller’s market; we’re down 48% on listings from last year. At 0:39, you’ll be able to see a color-coded, time-lapsed map illustrating the change in inventory starting January 12 of this year. We used different colors for different ZIP codes (ranging from light green to dark red), and the darker the color, the less inventory in that area.
Notice how in just six days (January 12 to 18), the map gets noticeably darker; by February 23, the entire map was red. There were five especially hot ZIP codes where almost no inventory was left and buyers were competing against 10 to 15 different offers on the same property.
The market has been going well for sellers, but the interest rates have dropped significantly, making it opportune for buyers as well. If you have questions about how to proceed with a real estate move in these uncertain times, please don’t hesitate to reach out. We’re always here for you.