February brought some interesting shifts in the market compared to last month. Listing inventory is down 26% from this time last year, a stark contrast to January’s 49% increase. While this drop may seem dramatic, it’s likely influenced by February’s cold, snowy weather, which may have led sellers to delay listing their homes. If that’s the case, we could see a rebound in March. The number of homes sold ticked up by 6% compared to last February, a promising sign that buyers are adjusting to the current interest rate environment. However, the average time a home spent on the market increased slightly. In January, homes were selling two weeks faster than the previous year, but February saw a reversal, with properties taking an average of six days longer to sell. Some seasonal fluctuation is expected, so this isn’t necessarily a cause for concern. One shift worth noting is the increase in seller concessions, which rose from 4.1% in January to 5.8% in February. This could indicate that sellers are making more compromises to close deals, possibly hinting at a softening in home values. However, it’s still too early to determine whether this is the start of a trend or just a temporary fluctuation. Overall, while the dip in new listings and the rise in concessions are worth watching, the increase in sales is encouraging. Next month’s report will be especially insightful as we complete the first quarter of the year. With a larger sample size, we’ll have a clearer picture of what’s happening in the market. Inventory levels and seller concessions will be key indicators to watch in the coming months. REALTORS® at Madison & Company Properties | | |
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