Frebruary McLennan County Report
February saw a continuation of January, with large changes from 2022 across the boards on the statistics we follow. Inventory continues to build as new supply of listings outpaces sales, causing homes to sit on the market longer than most have grown accustomed to. For sellers, the multiple offers as soon as you hit the market is gone, but on a good note, the price/foot has not reduced. For buyers, the anxiety and stress of competition is reduced and there are more properties to choose from, but interest rates are higher.
New listings are down from January, following the trends from the past 2 years. March is normally a growth month with sellers wanting to get ready for the spring and summer sales season and this year should be no different. Sales were up from last month and very close to 2021 numbers. We expect that trend to continue as the year moves along.
The largest change from the previous years is the Days on Market. If you are selling, be prepared that there is potential your property may sit on the market for awhile. Pricing aggresively is important this year as there is more competition and you don't want the days on market getting out of control.
As always, if you are considering buying or selling, give us a call. Now more than ever it is important to find a local real estate expert to help you navigate the ever changing market.
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