Market Memo March 20-27 2023
Well, as predicted, interest rate increases have stopped. For now at least. I saw some of the lowest interest rates in weeks posted this morning. But in our area we still have a huge pent up demand and not enough of a supply to fill it.
At the rate of current sales we have about 6 1/2 weeks of inventory on the market. We need to get up to 20 weeks on the market before I expect to see prices start to drop. Not sure when that will be. At this rate I think we will be into the 2030s before we see that kind of a market.
A house was listed this week that was on the market 6 months ago with no action. It came back on the market this week at the same price and had 5 offers in two days. Every offer was higher than the asking price…so there you go. And what do you say? Whiteboard…or not?
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