Eastside Housing Update - Resale Only
The Eastside market is back to Surge / Frenzy Sales Activity Intensity™ of homes going under contract for new resale listings. Unsold inventory is virtually sold-out in the more affordable, mid-price and into the upper end price points. Although on a monthly basis, fewer homes are coming on the market than previous years; as we head into spring, there is a seasonal increase in the number of new monthly listings. Today’s buyers will need to be Buyer Ready, Day One™, to ensure they get the home of their choice.
The Luxury Home Market is experiencing elevated buyer traffic, as the start of the Luxury Season begins in earnest.
SALES ACTIVITY INTENSITY™ SCALE
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KEY MARKET INDICATORS march 2023 (february Recap)
With fewer buyers looking to purchase homes, fewer homes are coming onto the market, leading to the shortage/low level of unsold inventory. We see this in the more affordable and mid-price+homes where approximately 80%+ of sales activity occurs. After the first of the year, we saw an increase of one+ level of hotness of Sales Activity Intensity™ for new resale listings going under contract within the first 30 days.
Starting pre-summer, intensity mellows as we experience more new listings coming onto the market. Remember, buying and selling within the same market timing is okay.
Current housing market
The listings that make it to the market are selling fast, bringing back the multiple offer’s scenario for some properties. Homeowners with a high percentage of built-up equity, and life events are moving the market. Today’s buyers have increased expectations that homes are move-in ready on day one, a perfect opportunity for sellers to be Market Ready, Day One™. Resources like MarketReady+ and Seller Listing Launch® can set you apart when attracting buyers to your property. As Daylight Savings Time begins in March, the market will continue its surge into the spring market. Remember, it’s okay to buy and sell within the same market timing.