WOndering if its a good time to sell Your Home?

According to the National Association of REALTORS®, existing home sales have skyrocketed 14.5% month-over-month, marking the largest monthly increase since July 2020. The surge in sales activity is due to contracts signed earlier in the year when mortgage rates dropped to the low 6% range, sparking a wave of homebuyer activity. Even better news, pending sales have continued to improve, increasing for the third consecutive month heading into spring.

While Washtenaw County saw a decrease in new listings, pending sales have increased significantly for both Single Family homes and Townhouse/Condo homes. Additionally, the median sales price for Single Family homes increased 9.6% to $399,900. Although there was an increase in Days on Market for Single Family homes and Townhouse/Condo homes, the Months Supply of Inventory decreased for both, indicating that the demand for homes in the area is still strong.

Nationwide, limited inventory has been a challenge, but the current sales pace is still impressive despite there only being 2.6 months’ supply of existing homes at the beginning of March. This is far below the 4-6 months’ supply that is typical in a balanced market. While mortgage interest rates have been a factor in the limited inventory, recent rate decreases have helped spur sales.

It is also worth noting that for the first time in over a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases. This means that it could be a great time for buyers to enter the market and take advantage of lower prices. Overall, the real estate market is showing a lot of promise and signs of improvement, both locally and nationally.

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Meet the DMA Real Estate Team

DMA Real Estate is a team of experienced, licensed real estate agents serving the Washtenaw County, MI metro area. With a proven track record of getting results quickly and a direct line of communication at all times.