Incredibly Exciting News! Multiple Offers! Bidding Wars!
There were more than a few reports of multiple-offer situations at today’s office meeting at Lake & Company, which may be the beginning of a happening market – something we haven’t had in a long while now! One property had been on the market for many months and received four offers over the weekend; there were quite a few reports of representing buyers in multiple-offer situations; this is incredibly exciting news!
Inventory is low. A quick check of the NWMLS shows that – according to our calculations, not theirs – that there is about a 5½-month supply of condos and about a 2¾-month of single family homes. Generally speaking, a six-month supply is considered “balanced,” so right now, there is short supply and, if today’s meeting is at all representative, increased demand.