During the 1st quarter we saw the market take off after towards the end of January. Homes and condos went into multiple offer scenarios quite frequently. A big reason we see multiple offers in a lot of winter months is due to the lack of inventory.
The market has stayed steady for the last few months despite what the media reports. Homes are still going a couple hundred thousand over asking price, condos are going anywhere from $50,000-$100,000 over asking price consistently.
The difference from first quarter this year compared to last year is that only the sought after buildings, condos and homes located in desirable neighborhoods are going into these multiple offer scenarios.
If you have a house or condo that requires a lot of work, located in unpleasant neighborhood then you aren’t going to have multiple offers on your property. It could take a month or so to sell, vs. last quarter when literally anything listed was going well over asking price no matter what it looked like or where it was.
The media seems to think that if every single property isn’t a complete multi bidding bonanza then the market is crashing. In my opinion only the great properties should go into multiple offer scenarios. So I view this as a hot market just not an insane one and I think that is healthier for everyone.