Hot Housing Market

Hot Housing Market

Current demand exceeds last year’s height that was reached in April.

Initially, 2015 started with muted demand and looked like the year would be a repeat of 2014, not too exciting. Then February rolled along and the housing market picked up steam. It wasn’t an anomaly either because the trend continued and demand jumped another 10% in the past two weeks. Demand has nearly doubled from the start of the year.

craig blog photoThe current expected market time for all of Inland Empire is 56 days, a sellers’ market. That is significantly different than the 101 day expected market time posted right after ringing in a New Year. Back then it was a balanced market that did not favor buyers or sellers. Since then, buyers have been cashing in on an interest rate environment that provides “easy money.” Everybody has been listening to reports that the Federal Reserve is going to start raising the short term rate; thus, buyers are jumping at the opportunity to cash in while borrowing money is cheap.

The Inland Empire housing market is back to a Seller’s market. How should a seller approach the current market? Right now homes are able to push the envelope a little bit in terms of pricing. Multiple offers are back and homes are selling for a bit more than the most recent comparable sale. Open house activity is up and buyers are competing to purchase.

But, let’s not get ahead of ourselves. Yes, the market is tipping towards sellers again and prices are beginning to rise, but there are major differences from the heydays of the 2013 market, the last time we witnessed a big push that favored sellers. For proper perspective, two years ago demand was nearly identical, but today’s active listing inventory is 68% higher, 5,433 homes compared to 3,237. The expected market time back then was a little over a month versus about two months today.

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