As we enter the Spring 2013 Market, we see an increase in activity typical for this time of year relative to the slower winter months.
However, compared to last year at the same time, we have had a 30% decrease in average days on market and have seen properties, on average, increase in value by almost 10%. Some areas are have seen bigger increases than others and these data cover multiple counties.
The inventory on the market at this time is extremely low. A typical market is said to have a six month supply (and the spring of 2008 had an 8 month supply). At this time, we have just under 2 months. This means that if no new listings came on the market, based on current consumption, all the current listings would be sold in just under 8 weeks.
For more info/stats and assistance with how it affects your decisions, contact Luxmanor Real Estate at 301-986-9401.
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