Demand for homes has reached an all-time high this spring, as more homes are being sold than those coming on the market.
Spring is a traditionally popular sales season for homes, but they are flying off the market even though home prices continue to reach new records, CNBC reported.
“I’ve been selling real estate for 25 years and this is the strongest seller’s market I have ever seen in my entire real estate career,” said David Fogg, a real estate agent with Keller Williams in Burbank, California. “A lot of our sellers are optimistically pricing their homes in today’s market, and I have to say in most cases we’re getting the home sold anyway.”
The demand has only increased since 2016. Properties sold in March stayed on the market for an average of 34 days compared to March 2016, when properties stayed on the market for an average of 47 days.
Home prices are also continuing to go up, with states such as Washington, Oregon, and Colorado seeing the biggest gain in prices as buyers flee high prices in California.
Homes are also selling fast in areas such as Wisconsin, where a family in Wausau said they sold their home in six days.
“I did expect a fairly quick sell, but maybe not quite that quick,” Jim Tierney told WSAW.