Today marks the first day of spring, which in the past has unofficially marked the arrival of the home-buying season. However, new data from Realtor.com suggests the buying season got off to an earlier than usual start this year.
February 2013 national housing data shows inventories crept up 1.15 percent month-over-month, median age of inventory fell 9.26 percent month-over-month and national media list price rose 1.55 percent from the month before.
“As we enter the busiest time of the year for home buyers and sellers, our latest housing trend data shows just how competitive the market is with a significant housing recovery well underway,” said Steve Berkowitz, chief executive officer of Move, Inc. “Look ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions.”
Indeed, conditions are ripening for sellers. The same data found median age of inventory decreased in 145 of 146 markets tracked.
What does this mean for building professionals and real estate agents?
Shake off the winter rust and prepare for a fast and furious buying season. Prospective buyers are out earlier than usual this year, competing for what limited inventory exists at ever-increasing prices.