As interest rates start to rise people ask if we see any effect on the real estate market.
At this point, rates do not appear to be having a negative effect on the market. Currently, real estate inventory is still at an all-time low with only 1.3 months of single-family housing, and only 1.1 months of attached dwellings. The average sale price for single-family homes is up 13.7% for the year. February came in at a very strong with a 23% increase when compared to February 2017.
Average Days on Market is still holding at around 50 days. Considering it usually takes 30 to 45 days for a property to close, most homes are going under contract in less than two weeks. We experienced a slight decrease in the sales price to list price over