Lowest Inventory Since 2000
A year ago, who would have thought that the inventory would be this low? Our inventory has not been this low in February since 2000.
Fewer homes sold this month than February of 2011. I think there are multiple issues at play here. The primary reason for the drop seems to be the lack of inventory. I am getting calls from agents several times a week who are looking for homes for their buyers and are wondering what might be coming on the market soon. Several of my buyers are experiencing multiple offers on homes they are interested in. To a lesser degree, the cold weather and snow storms we saw in February, probably cost us a few prime home buying days in an already short month.
One other thing to note about this report is that the highest price any home in Washington Park received in February was $625,000. The mid and low priced homes remain the core of the market there but it is rare that we go a whole month without a high end closing. There are, however, 12 homes that are under contract that were listed for prices above $600,000. There are currently 29 active listings above that mark. The supply in that price range has decreased also so I am not seeing a reason for high end sellers to panic at this point.
Altogether, the market is looking much better for Sellers than it has in quite some time. It will take buyers longer to find the right home but when they do, they will enjoy rates that are hovering around 4%. If you know of anyone who is thinking about buying or selling in the area, please don’t hesitate to let us know.
