A frantic call came in from my colleague earlier this week, and she said "the market is slowing down; instead of 16 offers sellers are looking at only 4!" The statement almost made me laugh. Even after all this time, the real estate market still seems like an alternate universe to me. The pace, the emotions, and the extremes are all so draining and hard to keep up with. The spring market is typically a tiring sprint, but this added layer of overall craziness adds even more complexity.
And it's not just our bubble that's experiencing this hot market of course, it's nationwide. Almost daily, my friends and family send me articles evaluating the market. We can continue to put forth our ideas on why the market is what it is, but the hard data is what's most impressive.
These charts nicely demonstrate the supply of houses nationally and the rising prices. This year is expected to be as stunning as 2020.
I think it helps when we take a step back and say, "wow, this is happening everywhere." A client moving to Ohio told me that in 2019, houses there would sit for months and months and you truly could not give them away. Now there is an extreme shortage of houses in the Cleveland suburbs, and in turn, there is nothing to buy. My clients are unable to sell their home here in Wellesley, because there is no place for them to buy in Ohio. This vicious cycle is why so few houses are available.
In the design world, one of my favorite magazines is House and Home Magazine. It's a guilty pleasure that I read between showings. Everyone loves a nice kitchen--and I thought this article on white kitchens would be a fun distraction. Enjoy!