The grills are hot, the pools are cool, and the sun is out; it’s summertime at FAR, and that means peak selling season for our REALTORS
The first two months of the second quarter have brought with them a robust market for both buyers and sellers. After a ho-hum winter, prices are back up (May ‘19 was up 2.5% over May ‘18), absorption rates are returning to balance (2.4 months supply of inventory in May ‘19 compared to 3.6 months supply of inventory in February ‘19), and properties are moving again (average days on market is back down to 50 CDOM, compared to 62 CDOM just three months ago).
As with all things in life, there is another side to this coin. All of this good news about the market has given sellers the confidence to reach for aspirational pricing and terms. The average listing price is up to $418,000 (compared to $376,000 in January), and more and more deals are falling apart due to buyers and sellers not being able to meet one another’s terms.
Now more than ever, the health of our housing market depends on REALTORS
. The market is more volatile than ever, regulations and laws keep piling up, and consumers require more and more tender loving care. It is incumbent on all of us to stay at the top of our game. Our clients trust us to make sense of it all, and the stakes are high: we are selling the most important asset in most of our clients’ lives. That asset isn’t defined completely in dollars and cents, either.
We are selling hope, stability, comfort and safety.
So, as we enter what should be a sizzling hot summer of sales, remember this: what you do matters. I hope that you’ll take it seriously and be the
that your buyers and sellers need. Most importantly, enjoy the ride!
President of FAR