Zillow released its monthly housing report for the month of January and announced that the market is still hot.
They said, “Buyers and sellers both should prepare for a competitive home shopping season come spring. Attractive, well-priced homes are being snapped up quickly”.
How quickly? Zillow reported that homes that are priced correctly were moving fast off the market and sold on average in 29 days. However, they also said that those homes that are not priced correctly are lingering and brought the overall average age of listings to 72 days.
Zillow also mentioned that demand is still hot and there is still a lot of competition as 26.4% of homes listed that sold in January were sold above their list price.
New listings were up 43.5% month over month and up 5.8% year over year. Although listings were up, overall inventory remained tight where total inventory is only up 1.5% month over month and up 3.2% year over year. When comparing inventory to historical levels, inventory is 37.3% lower than pre-pandemic levels for the month.
Source : zillow.com