March started off very busy and so I’m a little slow in posting an update here. At the start of February, interest rates had jumped back up to 6%. Since then, the rates have slid all the way down to 5.25%! The economic forecast by economists came in lower than expected which has caused interest rates and the stock market to fall much of February and the first part of March. As the weather has warmed up, the buyers have come more and more into the market.
As is typical in a good market, the best homes for sale at the best prices are still being swept up in a matter of days. I was very pleased to have a home in Crystal sell in 5 days with multiple offers and a townhome in New Hope sell in two weeks with multiple offers. The sales for the first two months of this year is lagging slightly behind last year’s record pace but are still well above the 5 year average.
The rest of March looks great for both buyers and sellers since we have such a great balance of the two right now. If the interest rates continue to stay this low, you may see more hurried purchasing in the months to come.