The sales stats for February show that the market is still hot and favors sellers over Buyers. The median sales price of $1.06M was a slight drop from January when it was $1.11M, but is still quite a bit higher than this same time last year when it was $898,000. The year over year stats also show an increase in the number of sales, a reduction in amount of homes on the market and the time it takes to sell once on the market.

For the first part of March, there seems to be an increase in the number of new listings, but there are still not enough to meet the current demand from Buyers. Interest rates are still very low but have ticked up about half a percent in the last couple of weeks. So far we are not seeing Buyers deterred by slightly higher rates, but if rates continue creeping up it will eventually have to have some effect on what Buyers can afford and are willing to pay.

Please call me if you would like to discuss how the current market specifically affects YOUR GOALS in Real Estate.