With spring heading towards full bloom, the Midlothian’s real estate market is picking up pace with an increase to 162 units sold in March. This number is down -17% from the year before, which suggests that the market is warming slowly this year. There are signs of buyer interest that suggest a good outlook as the season proceeds.
A Look at this Month’s Housing Stats
While the decline in year-over-year sales suggests a slow spring start, both the median sale price for homes in Midlothian and the number of days homes are remaining on the market have improved over last year, at $299,908 (up 3%) and 40 (down -15%) respectively. New listings are steadily growing, with 295 homes a significant bump from December’s low of 91, and active inventory decreasing 5% from 358 the previous month, reflecting an already tightening market. The sale price to list price ratio remains at 100%. The 15% decrease in listings over a year ago with a 7% increase in contracts shows buyers must move faster to claim a home in a more limited pool of possibilities.
What Does this Data Indicate?
Consistent growth in year over year sales and prices indicate that 2018 is warming up for another outstanding year for real estate in Midlothian. Experts are predicting that nationally the real estate industry will be booming this year, and our local market is likely to follow the national trend. With inventory dropping towards a 2-month supply, data supports the clear sellers’ market that we’ve been seeing, which is predicted to strengthen throughout the year.
As prices pick up pace and inventory numbers tighten, the advantage buyers may have had during the winter months is turning towards an opportunity for sellers.
What does this mean for you as a Midlothian home buyer?
The numbers show activity, price, and demand rising as buyers step into the market and take advantage of any remaining inventory from the winter months. Present market conditions still provide a great opportunity for home buyers, but sellers are likely to experience a spring rebound and homes have continued to sell year-round at listing prices. Inventory is likely to increase in the spring as sellers anticipate the market rise, but the increase in opportunities to buy will come with a cost. Buyers should be ready to move more quickly to compete in the hot market to come, and they should realize that the price they are ready to pay today could buy less home as the year continues.
What does this mean to you as a Midlothian home seller?
If you’ve been preparing your home for sale this spring, your wisdom is likely to pay off. Inventory is starting to move, and prices are rising as interest and demand put pressure on the local market. While fewer listings are currently being made over last year’s number more contracts are being signed, suggesting that buyers are on the hunt. Sellers entering the market now, especially those who waited through the winter months, can take advantage of the market as it heats up to get a good price with a reduced time to sale.