Wow! That is the best word to describe the real estate market on the Westside during the month of March and the trend appears to have continued through the month of April, though the official numbers are not yet in. In terms of both prices and number of sales, real estate was hot, hot, hot.
Prices and Sales Both Up
When it comes to prices, the median single-family home price was up significantly. In fact, it was 5.5% more than March of 2016. Condos and townhomes were up significantly, as well, a full 7.6% above this time last year.
The number of houses sold was even more spectacular with an 8.4% increase over this time last year and a 45.3% increase over February. Condos beat that number with a 46.8% increase over last month. Although I thought February was a great month at the time, March beat it hands down.
What Caused The Increases?
As I thought about it, I felt there were many things that contributed to the increase in prices and volume.
- Spring is a great time to sell a home, so we always see a little bump this time of year.
- Interest rates are poised to rise, so buyers are jumping in now while rates are still low. The Fed is expected to raise rates at least two more times this year.
- The shortage of homes for sale pushes the prices higher, and the shortage on the Westside is quite large at the moment.
What This Means For Sellers
Now is a great time to sell your home. Interest rates are still low enough that people can qualify. Plus, since more people wants homes than have them, you can price your home for maximum profit.
Most home sellers are finding that they get multiple offers. I can help you wade through them to find the ones that work best you. And for those buying a house, I can help you craft an offer that a seller would not refuse.
To learn more about specific markets on the Westside, give me a call. I’d love to help you.