A Tight Inventory Market
Now that we are into the spring residential sales market, two words describe it “Low Inventory.” This is a low inventory market that we have not seen since the middle of the last decade. The past few months have shown more contracts being signed than the historical average. Demand remains incredibly robust and above historical averages although it’s a rising interest rate environment. New supply is coming onto the market but it’s being absorbed quickly.
A sign of a tighter market is negotiability down. Those listings, which have been on the market for less than 60 days, have minimal negotiability.
Deals are taking a while to get to the closing table. Attorneys are busy trying to get contracts signed in tight timelines and managing agents are extremely busy and short staffed.