February month sales (5,583 units) for resale homes were up from January sales (4,265 units) according to our recently released ARMLS Real Estate Market Update. This shows that there is still buyer demand in our real estate market.

Interest rates are still a factor in our market but these rates did go down slightly over the last month. Lenders are forecasting a further decline in rates but it really depends on what the Federal Reserve does with the prime rate.

Buyers still need either rate to go down and/or Seller’s to keep paying for concessions for the Buyer’s loan buy-down programs so that home purchase is affordable. Our total supply of inventory for resale homes continues to remain low which has a positive effect on the Average Sales Price which went up slightly from the prior month.

We will keep updating you monthly on what this crazy market has in store for Buyers and Sellers. Feel free to call us with your questions. (602) 615-8470