This year’s winter has taken its toll on the housing market. We are off to a soft start this year. Over the various opens that I’ve held in the past 6 weeks, I’ve heard a lot of “we’re just starting” and “this is our first day out” and “it’s too early in the process for us.” So our spring market will be delayed this year.
Along with that, sellers are off to a slower start with new listings down 5% compared to last year. The snow has also impacted pending sales, which are down 11% this year.
But inventory is down almost 10% to historic lows. Foreclosures and short sales are both down, which is good for sellers. Sellers are now in the drivers seat, with an incredibly low 2.8 months of supply of inventory. With that, basic econ 101 means that prices should go up, and up they have gone. We’ve seen 2 full years of consecutive price gains and the median sales price sits at $183,000 today.
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