All month, I keep thinking what madness this market is. I know March Madness refers to basketball traditionally, but the real estate market has been answering to that name.
Consider this: since the beginning of the year, 195 homes have sold in Alamo and Danville. Of those, 55 received multiple offers. Half of those received two or three offers – wonderful but not crazy. But five homes received offers in double digit numbers: 18, 17, 16, 12, 10.
17 of these homes sold with ZERO days on market – in other words, they accepted a pre-emptive offer. 139 of these homes sold in 15 days or fewer. Just as interesting is that 13 of these homes had been on the market for more than 100 days, finally moving in this market of madness.
March was my own personal madness as well, with 5 new properties coming to the market. Every week in March: broker’s tour, weekend open houses on Saturday and Sunday, then offers, then another broker’s tour, and then another weekend of open houses, etc. It’s delightful to be a seller in this market – but I also spent March trying to help buyers relocating from New York to find their new home. We wrote seven offers before they were finally successful. It’s frustrating for buyers right now because there are certainly more buyers than sellers, but as our inventory increases throughout the year, it should begin to even out.
So March Madness ends with April 1st and Easter tomorrow – and the basketball fans can watch the championship game on Monday. Let’s see what April brings! April Insanity?