If you’ve been anxiously checking for new listings everyday and are struggling to find a home you like, you’re not alone! February’s real estate stats are in, and home sales dropped 3.7% from the previous month. While the number of home sales have risen considerably in the past couple of years, they’ve recently stalled due to a major shortage of homes for sale.
The biggest drop in home sales occurred here in the Northeast – in fact, the number of settlements decreased by 13.8% in our region. Despite the sluggish February numbers, real estate agents are quick to point out that demand for homes continues to be high, but buyers simply don’t have many options.
Inventory of homes for sale is at its lowest level since 1999, and competition remains fierce among buyers. EveryHome co-owner Katie Kennedy recently reported that many EveryHome listings received offers over the asking price.
This is all good news for sellers, however. As a result of the demand far outpacing the supply, homes are selling quickly. The average home can expect to be on the market for just 45 days, a big decrease from last year’s average of 59. Here in Greater Philadelphia, however, most homes are selling even quicker.