Basketball fans with eyes on the March Madness prize might not be focused on the real estate game at the moment. Don’t fret, that’s our job, not yours, and we are here to report that the market is looking up for buyers this March compared to last years statistics.
According to a recent article from realtor.com, while last year brought us a seller spring, reports this March say that the playing field is starting to even out making the market fair for both buying and selling. Why the seller upset this year you ask? It all has to do with an increase in inventory, which has then led to an increase in sales, resulting in a normalization in the buying community compared to last years competitive buying market. From March 2013 to March 2014 the number of homes for sale rose 9.5%. With an increase in homes on the market, there are not only more options for buyers, but also less competition leading to less bidding wars, making the current market ideal for first time home buyers and move-up buyers alike. The current median inventory time has also increased 22.9% above last year’s figures with an average of 102 days on the market per home. This is good news for buyers that aren’t interested in the stress of a competitive buying market.
So what about the selling market? Well, amazingly enough, there is good news there too! While the number of homes for sale has increased, the median list price has also begun to normalize again after the previous four-year slump. This means that not only is it a good season for buyers, but also a great year for sellers. With a national median list price currently hitting around $199,900, this reflects an average price 5.3% higher than this time last year.
The good news is, right now is a good time to sell, as well as a good time buy. The great news is that this time next year you could be watching those college finals in your new home, in your new man cave if you so choose.