The March stats for our market showed some pretty interesting numbers, especially in terms of our available inventory. What is “months of inventory” and what does it mean for our market?
If there were no new listings put on the MLS, the months of inventory is the amount of time it would take to sell everything currently on the market. As we expected, the months of inventory for March 2017 was very low at only 1.3 months. That’s the second lowest inventory has been in the last three years. So what does that mean for you?
It’s a seller’s market, which means if you are thinking about selling, now is the time. However, that doesn’t mean you can just stick a “for sale” sign in your yard and expect a super successful sale. You’ll need to contact a professional real estate agent to help you position your property to get multiple offers and sell for top dollar.
If you’re a buyer in this market, you might be getting frustrated. Multiple offers are commonplace in our market and you’ll need a professional to help guide you through getting your offer accepted and beating out the fierce competition.
If you’re looking to buy or sell a home or if you have any other questions, please feel free to give me a call or send me an email. I’m always happy to help and look forward to hearing from you!