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Housing Inventory Disappearing

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report which gives insight into today’s market conditions.
 

Inventory Levels & Demand

Sales of existing homes rose 5.1% month-over-month in March and are 1.5% higher than this time last year. Sales rose in all four major regions in March.
 
Total unsold housing inventory is 1.5% lower than March 2015 at a 4.5-month supply and remains well below the six months that is needed for a historically normal market.
 
Consumer confidence is at the highest level in over a decade. Pair that with interest rates still below 4%, programs available for down payments as low as 3%, and you have an attractive market for buyers.
 
Homes sold in March were on the market for an average of 47 days and 42% of properties sold in less than a month.
 

Prices Rising

March marked the 49th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $210,700 (up 5.7% from 2015).
 

So What Does This Mean?

The chart below shows the impact that inventory levels have on home prices.
 
 
NAR’s Chief Economist, Lawrence Yun, gave some insight into the correlation:
 
"Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures."

Bottom Line

If you are debating putting your home on the market in 2016, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Let's meet up so we can get the process started.

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Malloy Home Team at SERHANT.

In a market where presentation, strategy, and relationships define outcomes, choosing the right team isn’t optional, it’s everything. At the Malloy Home Team at SERHANT., we don’t just list homes. We position them. We don’t just find properties. We secure opportunities others never see.

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By providing your contact information to Malloy Home Team, your personal information will be processed in accordance with Malloy Home Team's Privacy Policy. By checking the box(es) below, you expressly consent to receive marketing or promotional real estate communication from Malloy Home Team in the manner selected by you. For SMS text messages, message frequency varies. Message and data rates may apply. Consent is not a condition of purchase of any goods or services. You may opt out of receiving further communications from Malloy Home Team at any time. To opt out of receiving SMS text messages, reply STOP to unsubscribe. SMS text messaging is subject to our Terms of Use.
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Contact Details

MALLOY HOME TEAM

 

DANIEL MALLOY

(561) 370-5736
[email protected]


DAWN MALLOY

(561) 876-8135
[email protected]

114 N Coastal Way Jupiter, FL 33477