We are in the active spring buying season. Active listings are up 6.5% over March with Pending properties jumping 24%. Average sales price is up only 1.2% while median sales price dropped 4.3%. Average days on market for District 20 is 39 days which is an inventory of 1.7 months. Average concessions dropped to $750 (a record low). Distressed properties continue to be very low with no impact to the market. Pending ratio jumped to nearly 60%, meaning that 60% of the homes currently on the market are under contract with a buyer.
We did see an increase in sales from one year ago by 8%. Additionally, average sales price is up 8.8% and median sales price is up 3.0% from one year ago.
The average days on market for all of D20 dropped from 45 in March to 39 in April. Months of inventory is at 1.7 months which is the amount of time to sell all active properties at the same rate as of April, continued evidence of a very strong seller's market.
This statement still holds true: Buyers need to act fast when a home appears on the market in their price range, or they risk losing the home to other buyers. It is recommended that buyers have their financing in order with a pre-approval letter for their mortgage in hand. Experienced agents have other strategies they can recommend to improve the chances of an offer being accepted.
Sellers still are reluctant to accept contingent offers unless the buyer's home is already under contract, the sellers do not want to risk having to wait for a buyer's home to sell. Sellers need to be ready to move within about two months after listing their home. If it is priced right, they will see multiple offers and a closing within 60 days most likely.