According to Realtor.com, we ended February sales with a BANG and are coming into March stronger than ever. Sales prices continue to rise, days on market are becoming short and listings are scarce!!
February Sales Data Shows Prices Having Regained Highs and Continued Decreases in Inventory
Listing prices have once again begun their seasonal climb and have quickly reclaimed historical highs according to new data from realtor.com®. Inventory continues to sell at a rapid pace, moving 8 percent more quickly than in February 2017. The median age of properties on realtor.com in February was 83 days, which indicates that properties are selling 8 percent more quickly than this time last year- even as prices continue to climb.
After a typical winter season decline, listing prices have very quickly caught up to the peak of $275,000 reached in the summer of 2017, indicating that listing prices are primed to reach new record highs this spring and summer. Listing prices are again growing in the double-digits, having increased by 10 percent over last February.
February saw a slight seasonal increase in inventory, which grew by 2 percent over January. However, inventory is still down 8 percent over February 2017. Approximately 422,000 new listings hit the market in February, 14 percent more than the previous month but not significantly higher than February of last year, meaning tight inventory conditions are expected to continue.
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