Sales have clearly shown traffic in the Buyer's Market has picked back up post-Holiday, Low inventory remains...well low (2 months). Rising interest rates are a big factor driving sales. Experts are predicting 5.5% by year's end. Currently, rates are hovering around 4.25-4.5% - last month was sub 4%. That can make a difference of $75,000 in purchasing power for a $1500 monthly payment! And It only goes up from there. So, if you are thinking of buying and or selling if pays to do it sooner.
Across the metro area, February's average sale price is up 2.4% compared to January's average sale price, $482,889 vs $471,365 respectively. In comparison to the same time last year, the average sale price is up a whopping 11.4%.
In comparison to last month:
In comparison to the same time last year: