I hope all the mother's out there had a wonderful Mother's Day yesterday. It was a beautiful day here in Philadelphia to send time with your mom, even if it was only a phone call.
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We are in the height of the Spring Real Estate market. Our local market has heated up over the past few months. I have seen first hand that the low inventory is causing homes to go under contract quickly. For example, I have a client looking for a townhome or condo under $300,000 within the King of Prussia area. On three different occasions she has given me 2 or 3 homes she'd like to see and by the time we have set a date/time, they are already Pending.
In March, the local real estate Multiple Listing Service reported:
"We saw very a very high level of activity in the market
during March, certainly not unusual for this time of year, concluding a
strong 1st Quarter in 2013. Electronic showing requests were at a record
high and were 19% above the level a year ago, with corresponding
increases in Pending sales. With Total Inventory still around 15% below
where it was last year, we are also seeing increases in the Median and
Average Settled Prices."
Low inventory can result in less "Days on Market" and higher sale prices.
Check out this short video for some more statistics
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