The showings for CIR Realty’s listings week over week have continued to climb. They have risen 20% week over week, which is up over 31% compared to the same week last year! The largest increase in activity has been in the price points below $500,000. Due to this we can anticipate the higher price points to see increased activity in the weeks to come.
With the inventory continuing to decline with the heightened sales activity, the markets continue to tighten, and are getting more competitive. While some markets are beginning to move into sellers markets, many remain in busy balanced territory. The signs to watch for are when we start seeing months of inventory drop below 2 months, prices increasing and days on markets lowering, then markets have shifted to the sellers territory.
Keep in mind that even with the multiple offers, and the back up offers occurring in the markets, it is still important to price properly as buyers recognise the over priced inventory, and it will sit on the market if not properly priced.
-Steve Phillips, CIR Realty