Larry, Diane & Connor Bearse
Buyers continue to have a tough time finding inventory on the low end of the market. New listings overall are down 9% year-to-date thus far, which doesn't help matters. Compared to February last year, inventory under $150K is down 62% and down 43% between $150K and $200K. Mid-priced inventory between $200K and $500K is down 11% and down 7% between $500K and $1M. Only inventory over $1M is up nearly 2% over last year. Seller concessions are also down so far this year. After hovering around 27% for the past 2.5 years, closings with seller concessions dropped down to 23% as the seller market has strengthened in the new year. Homes sold between $150K and $200K had the highest percentage of seller concessions at 34%.