SoldWATCH Northridge
- Anne-Marie
- Apr 6, 2016
- 2 min read
Sales Contracts Hit Highest Level in Months
So last week, I gave you the potential pitfalls of listing your home in a HOT market. Now here's a slightly different perspective that shows that buyers are still buying!
The National Association of Realtors (NAR) just announced that the February Pending Home Sales Index reached it’s highest reading since July 2015.
This index means that more contracts have been signed by buyers that will soon translate to sales. February’s Index rose 3.5% month-over-month to 109.1.
What does this mean for the market?
Lawrence Yun, NAR’s Chief Economist explained:
"After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory." "Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what's being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau."
What Does This Mean For Sellers?
If you are on the fence about listing your home for sale and debating whether now is the time to move on with your plans of relocating… don't wait! There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.
Listing your home for sale now will give you the most exposure to buyers and the best sales price.
Let's take a look at what's going on in your particular neighborhood and see where the sales really are, and what homes are really selling for. You can do this with my Pinpoint Price Analysis. Just CLICK HERE and we'll get the ball rolling.
Now, let's see what's happening in sales this week...
This week in Northridge we saw 11 homes sold. The selling prices ranged from $355,000 - $1,080,000; for an average of $586,518. Homes were built between 1951 - 1979. They range in size from 1082sf - 5079sf. Lastly, the homes were on the market between 3 and 168 days, with an average selling time of 75 days.
Warmly,
Anne-Marie Stone (818) 621-9897 Pinnacle Estate Properties Cal BRE# 00923192
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