Supply increased by almost 11%, while sales increased by 18%.
We are still in a buyer’s market, but if sales continue to be higher than supply, that could start to change. For now, buyers have the advantage and stronger negotiating power.
At the time of writing this update, interest rates had started to come down, and hopefully, this trend will continue as more buyers come back into the market.
The luxury market is still hot, with sales well above last February’s levels. It will be interesting to see if this continues as the stock market declines and cash buyers may hold off on making a purchase right now.
The next few months are going to be very interesting, and much depends on whether interest rates drop and what the stock market does. Our peak sales months are May and June, so April and May are the most active months for buyers going under contract.
If you are planning to purchase in the next few months, sooner rather than later may give you the best opportunity for not only price but also negotiations