Last month I mentioned that we were really starting to see interest in the market heating up. February showed just how intense that interest really was. Showings jumped from up about 4.7% over the previous year to an increase of 13.6% over the same time last year! And if we talk about how this data is a little bit lagging I can also say that next month I bet we break over a 15% increase.
We also saw a huge increase in the number of new listings starting to come online this past month as it was up 36% over the same period last year. With that many new listings I’m not surprised that the number of days on market ticked up a couple of days as well. I think this clearly shows that there were people waiting for the spring market and who have probably been waiting awhile to list their homes due to the higher interest rates the last 20 months.
Interest rates have leveled off for the most part and we’re not seeing huge swings up and down right now. This brings a level of certainty for buyers who might have been scared off by the constant roller coaster of rates we were on before.
If you are thinking about making a move this year you should be talking to a real estate professional and coming up with a strategy for exactly what you are going to do. Having a conversation and coming up with a strategy is not a commitment to doing anything…it’s just a solid plan based on your unique situation.