Where is the Spring Market ?
Typically this is the season where everyone is excited as the activity is at its highest amount of the year. Deals are to be had everywhere ! Buyers are everywhere ! Sellers are thrilled that they have one or two offers ! Real estate agents are at their peak production levels. But wait a minute... is that happening ?
In our area, the days on market are ticking up. The inventory is creeping up. I am seeing that there was more activity (showings) on some of our listings that were on the market in January and February at higher prices than the same listings at lower prices in April and early May. Strange....
The good news is that it is still early May so perhaps we will be seeing a late spring market in Philadelphia. Interest rates are still at their historically lowest levels ever and the real estate menu is delightful for a buyer to choose from. And we cannot forget that last year at this time, we were going through the madness and excitement of the First Time Buyer Home Buyer Tax Credit .
Do not get me wrong. We are still quite busy. But with the increase in inventory that I am seeing and the days on market ticking up, it is an interesting trend. What is in store for us for the rest of the spring and summer ? Only time will tell !