Happy Spring (to those of us here in the States)!
The numbers are in for February home sales and things are looking up (even if the news has us still looking down).
In February the number of home sales increased by 12%, bringing us to 326K homes sold across the US. In March we are expecting to see another significant increase to 435K, which would be a 33% increase from February.
Looking ahead to April we expect to see things hold steady with a 3% increase to 447K homes sold. This also pulls us back into a more regular seasonality of seeing a larger spike in March and a bit of a holding pattern in April.
Our prediction model takes into account the total number of presentations created by an agent (across our 400,000+ agents) and correlates that with the total number of homes sold. We’ve been making these predictions since October of 2020 and our average accuracy remains on average within 5%. So what does this mean? Agents are increasing the number of CMAs and other presentations they are creating and helping get some movement back in the market.
Looking at the graph below you’ll see we are trending back up into the 2017/2018 territory and are on an upward climb.
Yes, inventory remains tight, but if agents continue to nurture their spheres, perform annual property reviews, and do what they do best, we expect to see that green line continue to trend upwards.
Until next month.