A few months into spring and this market is for sure interesting. Here’s how the March market played out.
Over the last few weeks, we have been seeing some shifting in the market (here’s our February update). With the inventory low, homes have been seeing lots of showings, multiple offers, and stressed-out buyers. Yes, it is a seller’s market, but it hasn’t been easy for either side lately.
In Oakland County, the average price point sits around the $280k mark. While things are moving in almost all price bands, the 200-299k price band reflects just how quickly this wild market is moving. From the time that the home hits the market, there are dozens of showings lining up and some homes are selling in as little as 48 hours since going on the market. This is causing quite a bit of buyer frustration as they are trying to get an offer accepted based on creative terms and higher financing.
From March of 2020, it’s clear that this isn’t a normal market currently. The days on market are much different than in the previous year. We are seeing really low days on the market as the statuses switch from active to pending to sold.
This market is defined by low inventory and incredibly high demand. Homes will be selling fast with multiple offers, usually at a higher price. Buyers are putting everything they can in to make sure that they have strong offers, and it’s sad when that offer doesn’t get accepted. We know it sounds hollow as frustrations are rising, but please hang in there buyers and buyers’ agents. If you are looking to sell, buy, or even if you need advice, reach out and we will help.
Since the March market has continued to favor sellers, we have been seeing final sale prices at the very least matching or exceeding the list prices based on what we see. March 2021 saw an increase of 1.2% over March 2020.
This is the reality currently, so keep looking at houses, writing offers, and brainstorming strategies, we have your back especially in this strange market.
The number of sales did improve a bit over the last month. but still fell a bit short compared to 2020. There is a slight decrease in sales from 2020 to 2021 which is directly traced back to the historic inventory numbers not only locally, but nationally as well.
The March market saw fewer days on market and lots of multiple offers combined with the additional spring stress and growing buyer frustration. The current market has its high and low points, so check back to see how April’s market performs and if anything changes.
If you would like a market analysis for your home in the current market, we can gladly put one together for you and discuss it at your convenience! Simply reach out here: Contact Us.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic.