The market rapidly changed from a Buyer’s market to a Seller’s market more than a year ago. As of April 1, 2014, Sellers are receiving, on average, 100% of their asking price. In some areas, Sellers are getting over their asking price and are receiving multiple offers.
In January 2014 the average days on market was 69 days. As of June, the average days on market (for a home to sell) is 47 days. This shows that homes are staying 22 days less on the market.
The amount of inventory has dropped as well. In July 2013 there were 22,306 available homes on the market. As of June 2014 we have 14,362 available homes on the market. There are 46% less homes currently on the market. Last month over 8,000 homes sold. The number is not surprising seeing as this is the selling season.