First Quarter Peninsula Update | Single Family Homes

Posted by Chris Perkins on Thursday, April 11th, 2019 at 7:57am

The first few months of 2019 have been busy. Single family residential sales increased year-over-year by a substantial 25% while months of inventory sits at a lowly 2.64. ­ This means if nothing else were listed, it would take 2.64 months for everything to sell. Anything below three months is considered a seller’s market where prices trend upwards. ­The average sale price increased by 2.8% to $562,600 while the amount of time it takes to sell a home dropped from 51 days to 44.

Multiple O­ffers

This is a scenario becoming far more common as competition heats up on the Peninsula. You need to be fully utilizing your REALTOR®; ask to receive automatic notifications when homes that fit your criteria are listed. ­ The best properties are selling in hours rather than days. If you are not watching for new listings daily, you will miss the best opportunities.

What to do as a seller?

A hot market like the one on the Peninsula gives you license to stretch your price to achieve maximum value.  Selling in hours is great, but if you can obtain more money from your sale while taking a little longer to sell, I’d suggest it might be worth the effort. You will need to keep seasonal trends in mind when employing this tactic and should note that pushing for a higher price is fine as long as it is not deemed unrealistic.

Have a question you’d like us to feature in our real estate segment?  Drop us a line!

Please provide a valid email address.

 

Leave A Comment

Format example: yourwebsitename.com