Things are heating up
Another month in the books and we are starting to see some much needed inventory come to market. April brought a 4% increase of new listings. Pending listings were up 3% while closed homes saw a decline by 6% compared to this time last year.
Month end active listings also reached a level we haven't seen since November 2021 closing with over 2,900 properties for sale.
Inventory continues to be low, however the supply of homes actually increased by one week. There is now a three week supply of homes to choose from. Quality properties continue to see strong competition with most going under contract in less than 4 days with multiple offers and for over the asking price.
As mortgage rates continue to rise, affordability continues to be a main concern for buyers looking to enter into the market. Some analysts are predicting that if rates continue to climb there will only be a moderate rise in home prices as Buyer demand may potentially ease.