The flowers are blooming and real estate is booming! Interest rates are still low and the market is still favoring sellers (although not as heavily as last year). Something new to our market this year is a great influx of new construction. Have you noticed new communities popping up nearby? For years now, the market has not had enough homes for sale to satisfy buyer demand. So, developers are filling the gap with new apartments, townhomes, and single family residences.
Here are the highlights for stats in April:
Median Sales Price = $602,500
Median Days on Market = 46
The median sale price is up about 2% from April of last year and median days on market has increased too. These numbers stay true to the trends we’ve noticed in our cooling market. With buyers flocking to new development communities, it’s likely that we’ll continue to see homes sitting on the market longer than last year.
However, we can still expect a hot market this summer because of good interest rates and financing options. If you’re wondering how the interest rate impacts your buying power or what kind of financing is available to you, let’s get your questions answered today.
If you’d like more information about our current market or want to see some of the newest homes on the market, send me your request. I can even set you up to receive email notifications the instant that a home hits the market (even faster than Zillow!).