What does it mean to be in a seller's market? Home sales have continued to rise in the first few months of this year. Buyers are snatching up every new listing as soon as it comes on the market. According to the National Association of Realtors (NAR) 71% of homes sold in January were on the market for less than one month. While most of the economy has felt the lingering toll of the COVID-19 pandemic, the housing market has been the one bright spot with sales remaining high and home prices continuing to rise, adding equity to home sellers. The housing outlook for 2021 continues to look positive which is great news however, low inventory continues to be a challenge for buyers. Here’s a closer look at key indicators from NAR’s existing-home sales report, reflecting January sales data:
HOME PRICES: The median existing-home price for all housing types in January was $303,900—a 14% jump over a year ago. Get more for your money by moving up or downsizing while mortgage rates are low. It's a seller's market!
INVENTORY: Total housing inventory at the end of January was 1.04 million units, down nearly 26% from a year ago. Unsold inventory sits at a 1.9-month supply at the current sales pace. There is a lack of inventory. If you're thinking of selling contact Robb Realty Group .
DAYS ON THE MARKET: Properties typically remained on the market for 21 days in January, down from 43 days a year prior. Find out why it's a good time to sell now at CityLifestyle.
FIRST-TIME BUYERS: First-time buyers comprised 33% of sales in January, up slightly from 32% a year earlier.
CASH SALES: All-cash sales accounted for 19% of transactions in January, down from 21% a year ago. Individual investors or second-home buyers tend to make up the biggest bulk of cash sales. They accounted for 15% of sales in January, down from 17% in January 2020.
With a shortage of inventory in the current market, buyers are looking for homes but are unable to find the right home to purchase. Demand is strong so now is the time for sellers to take advantage of the fact it's a sellers market and list their homes for sale. Robb Realty Group has a comprehensive VIP Seller's Program to help you navigate the process to get the highest sales price. The first step is to find out the value of your home with our Instant Home Valuation tool.