What’s Happening in Our Area Market?
Here’s what’s going on in our real estate market.
So far this year, our market has been uncharacteristically fast-paced. Buyers are facing very competitive multiple-offer situations throughout the area—levels of competition that we've never seen in the suburbs. This is great news for sellers, of course, who will enjoy the lack of competition. Buyers, however, may be wondering when more homes will become available for purchase.
"If you’re a buyer in the condo market, don’t wait for deals to come along; we may be past that point."
The answer is that no one really knows for sure when we’ll see more inventory. We’re optimistic that, as we move into the warmer months, we’ll start to see more sellers list their homes for sale. There are a number of reasons why people may have delayed the sale of their homes, such as nerves about the pandemic or uncertainty about the market. We do expect that there will continue to be a large number of buyers in the marketplace, which will result in more of the same in terms of competitive multiple-offer situations.
We’re starting to see things bounce back in the condo market. Especially in the downtown area, the condo market had slowed down quite a bit in the second half of 2020, but now we’re starting to see the active inventory and the days on market come down. If you’re a buyer in the condo market, don’t wait for deals to come along; we may be past that point. If you’ve been thinking of selling your condo, reach out to us. We can take a look at the exact market conditions in your area and help you meet your goals.
If you have any questions about buying or selling property or if you’d like more in-depth information about your neighborhood, don’t hesitate to reach out to us.