April Dominated by More Closed Sales
The housing market in April was hot with sales activity. Closed sales rose 12.4 percent when compared to April 2015 and rose 10.6 percent for the quarter. Pending sales, which in most cases move on to the closing table, increased 5.4 percent compared to last April and rose 11.5 percent for the quarter. New listings decreased 3.8 percent in April, but rose 4.1 for the quarter. Tight inventory continues to be an issue in our market.
"Closed sales were strong in April. Buyers are clearly excited about this market and with good reason since low interest rates and moderately rising prices are making this a healthy market, said Roger Lundy, 2016 MIBOR president. "What we need to truly energize the housing cycle is many more sellers. They are in the driver’s seat since inventory continues to be tight. I can’t think of a better time to list your home.”
Debating putting your home on the market? Now may be the time. Many buyers are so motivated and ready to make a purchase that quality listings are netting heavy open house traffic and often getting multiple offers. Contact a REALTOR® in your area to get the listing process started today.