March Madness
This year is bringing me a whole new definition of “March Madness.”
This year is bringing on a new definition to "March Madness" and I’m not talking sports, I’m talking about the real estate world! For years, I have advised my clients planning to sell not to wait until March to list their properties. There are buyers searching in January and February when listings are typically scarce.
During the COVID-19 pandemic, we witnessed a significant shift in market dynamics. The importance of seasonality around the school year diminished, resulting in unexpected trends. Last spring, for instance, we experienced a brief but intense selling season, particularly in April and May, likely influenced by election uncertainties. By June through October, the market cooled significantly, and afterward, we observed a notable uptick in activity towards the year's end.
This year marks another shift, potentially setting a new trend. February concluded with an impressive surge in new listings within the metro area and especially in our local foothills. Contrary to the typical dip in active listings during February, this year saw a low point in January, followed by record-breaking new listings in February—more than double any February in the past.
March is poised to continue this momentum! The good news is pending listings in February have also increased, though not at the same rate, leading to a gradual rise in the overall months' supply of homes. I've spoken with several lenders, and they report an uptick in new inquiries, with rates floating around 6% to 7% for 30-year fixed mortgages. Interestingly, jumbo loan rates are currently more favorable than conforming rates, which could benefit our market. Since many homes in the foothills, particularly in Evergreen, exceed the conforming loan limit, lower jumbo rates may encourage buyers to stretch their budgets.
Personally, I’m feeling all the hype of this March Madness and I’m totally embracing it! I've received numerous calls for listings and showings, and it's been invigorating to be this busy again. As always, I would love to hear from you if you're interested in discussing how these market trends may impact your home or real estate portfolio. Cheers!
