Buyers felt a sense of relief as a surge of inventory hit the market. From February to March, inventory increased to 81% and 16% year-over-year. More inventory, along with the rise in interest rates, will slow down appreciation. However, not so quickly, as the market will be slow to react. With this in mind, we will continue to see multiple offers and unprecedented growth in equity. Sellers are still in the driver’s seat as the average price increased about 9% in one month.
With more opportunities and nicer weather, buyers can feel less fatigue searching in this market. The next update will be an interesting one.. stay tuned!
“Success isn’t always about greatness. It’s about consistency. Consistent hard work leads to success. Greatness will come.” – Dwayne Johnson.