In 2018, we reached our 10-year cycle where we typically see home sales and prices flatten or decline. Some lenders are stating they have numerous loan approvals however, the buyers cannot find the right home. Buyers are stating the inventory has increased but there is market uncertainty which is causing some buyers to wait to purchase.
Although, inventory has remained low in many areas, the YOY sales activity between 2017-2018 has a notable decline. Inventory has increased for five consecutive months. By the end of February, listings increased about 42% over the previous year. Builder permits have also declined.
Positive news for sellers, area-wide median prices for the sales of single-family homes and condos that closed in February were up 5.7 percent from a year ago. Under the current market conditions, it is currently a good time to sell and to buy the investment property or move up.