Today I’ve invited Jim Remley, our principal broker, to have a discussion with me about the state of the market. Jim is the author of three books: “Real Estate Presentations That Make Millions,” “Sell Your Home in Any Market: 50 Surprisingly Simple Strategies for Getting Top Dollar Fast,” and “Make Millions Selling Real Estate: Earning Secrets of Top Agents.”
So how does the market look?
The market is still very strong. After going through the market stats yesterday, we’ve noticed a 10% surge in pending sales. Comparing this April to April 2017, we’ve had 100 more listings this year than last, going from 300 to 400. I believe that the surge in sales is caused by an increase in available inventory.
How long can we expect this to continue?
I think the market is going to stay strong for a while. Pulse Economics is predicting that the market will remain strong for one to two years. The only thing that will change our market is supply, and as you know, we’ve been suffering from low supply for several years. As more supply comes online it’ll actually help us to satisfy demand. Right now in our market, we have about two months’ worth of supply, where in a healthy market we’d have about six months’ worth.
I’m excited that Jim came in to chat with us today. If you have any questions about buying or selling, or if you need a market analysis for your area, feel free to reach out to us at the Rasmussen Group at John L. Scott Real Estate. We’d be happy to help you.