March marks the start of the housing season!
The housing market rides the seasons. Year in and year out, market activity has predictable ups and downs. Sometimes those seasonal patterns are hard to see when events drive movements in prices and sales, but seasonal patterns are there, even when they’re hidden beneath the surface.
The Spring Thaw Comes First to Buyers, then to Sellers
As the market comes out of winter hibernation, buyers wake up first. In the winter, activity rests: searches, prices, sales and inventories all slide to their yearly low in December or January. Life resumes in March, as search activity pops up and stays above normal through August. Prices rise and reach their annual high before summer even arrives. Summer has its own endings and beginnings: sales peak in June, but inventory keeps climbing, topping out in July and August.
What do these patterns tell you? Buyers are a little ahead of sellers. Asking prices peak at the start of the season, so demand appears to rise ahead of supply. As supply catches up, prices ease back down and sales peak. After that, inventories build up a bit further through the summer.
If you are interested in selling your home or property, now is the time to start moving forward! Call or stop in at our Dorrington office to see what we can do for you!