February Stats Update

We continue to remain in a very strong sellers’ market. That said, months of inventory jumped up 50%, but that is from an extremely low 0.2 months to a still-very-low 0.3 months—just having a little fun with creating what the media might use as a shocking, and misleading, headline. The jaw-dropping number for this month is the 71% of homes sold for a median of 19% above asking price! That means half of these homes sold for more than 19% above asking price. I expect this number to be about the same or even higher for this month, as I consistently see homes going 40% over asking price. While this does represent a surge in appreciation, 32% year-over-year, which the first quarter of the year is known for, it also reflects homes being underpriced. Underpricing homes is a common practice and makes it tricky for buyers to know how to shop.