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The Majority Of Homes Still Sell In Less Than 30 Days
Dated: April 25 2023
Views: 222
New data from the National Association of Realtors has revealed that most homes sold in March were on the market for less than a month, constituting 65% of all sales. Such a significant figure indicates that those pursuing property during the spring season should be prepared for a rapidly moving market. Although homes are still selling promptly, improvements have been made for buyers. According to the figures released by the NAR, the typical property spent 29 days on the market during March. A noteworthy increase from last year's average of just 17 days on the market. This improvement should provide buyers with additional time to consider their options.
The chief economist at the NAR, Lawrence Yun, remarked that the current year's market is unique. Yun has stated, "Home sales are trying to recover and are highly sensitive to changes in mortgage rates. Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market."
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Michael Downer
Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....
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