Current status: SELLERS MARKET!!!!!
In March 2016 we are still experiencing a shortage of resale inventory, making the current sellers market even stronger. March 2016 compared to March of 2015 we saw Residential Listings were up only 2.11%, while Residential sales were up 25.44%.
The important stat to take a look at is the YEAR TO DATE (Residential Market Activity Comparison) in the bottom right of the attached image. Year to date in 2016 compared to 2015, the number of listings is holding steady around -3.54% (Feb) to -1.44% in March, but the sales are continuing to climb from +14.95% (Feb) to this March at +18.68%.
Less listings, and sales continuing to climb = multiple offers and “bidding wars”. While this is great for sellers, it can be frustrating for buyers, especially first time buyers trying to get into their first home.
You can view the full report here: WECAR President’s Report for March 2016