Demand for houses continuously goes up while its supply dwindles. It’s a common knowledge that scarcity equates to price inflation, does this mean it’s time to sell?
According to recently released data from the National Association of Realtors (NAR), the median number of days that a home spent on the market hit a new low of 26 days in April, as 57% of homes were on the market for under a month.
NAR’s Chief Economist, Lawrence Yun, had this to say,
Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract.
The chart below shows the median days on the market from April 2017 to April 2018:
We are all aware that change is constant. In today’s quick turn around of national market conditions. It is time for you to decide whether or not to list your home for sale. Don’t hesitate to seek professional help and learn about the latest updates. Contact your local real estate agent and find out what’s the best course of action to take.