We just wanted to touch base with you and send you some data on how our market has heated up over the past few months.
From the HPI Price Graph above we can see how prices have increased so far this year. Beginning in January prices have shot up already almost 4%! And the steepness of the increase in price increases even greater in the last reported month. So this explosion of market activity seems to be intensifying well into April and possibly May.
Why are Prices shooting upwards?
This is the case because the primary positive market drivers Inventory (being low) and Consumer Confidence/Demand (is at an all-time high). While the negative market drivers, Inflation (is correcting downwards), and Interest Rates (remain stable albeit high) are still there, they are being overshadowed by the high demand and low inventory.
Sales are taking place in this strong Seller’s Market territory, with sales ratios (inventory absorption rate) being well above the 21% transition line for most product.
So, right now, we are seeing some incredibly busy listings, with multiple offers and high sale prices. Coupled with our effective 38+ Point Marketing Plan, we are able once again to draw large crowds to the property and generate multiple offers.
If you, a friend, workmate, or family has been waiting for the right moment to sell a property, this could be one of the best windows in the last 12 months. Feel free to pass this brief update along or reach out to Marty or Adam directly.