March of 2022 ended with the metro area housing market starting to thaw, as the spring selling season begins. Much needed inventory has begun to appear in the market and bidding wars are still very much alive. However, the number of offers, and the rate of escalation appears to be slowing.
The average closed price in March rose to $705,812. This is 19% year over year, and over 9% higher from the month before. The sustainability of this blistering pace is questionable.
Interest rates on a 30 year fixed mortgage are above 4.5% and have been rising quickly just In the last few days.
The economic recovery is starting to overheat with high Inflation, rising food, energy, and housing prices. Affordability and a cooling market will be common themes as we move through the busy Spring and Summer selling seasons. Our advisory role Is Invaluable regardless If you are buying or selling.