Confidence about current market conditions and the outlook for the next six months rose strongly across all property types in March. For the first time, the “REALTORS® Confidence Index – Six Month Outlook” for townhouses breached the level of 50 which delineates “moderate” expectations. The data is based on information gathered in the March REALTORS® Confidence Index (RCI) Survey.
REALTORS® generally mentioned strong buyer demand, improving prices, and fewer days on the market amid tight inventory and restrictive credit conditions.
Examples of improving residential markets are delineated in detail in the RCI Report.
- Ninety-four percent reported that they expect constant or higher prices in the next 12 months.
- The median days on market for all sales was 62 days in March compared to 91 days a year ago.
- Thirty-seven percent of respondents reported time on market at less than 1 month when sold.
- Distressed sales were at 21 percent of market, down from 29 percent a year ago.
What Does This Mean for REALTORS®?
Some people are still a little shell shocked from the Great Recession, and some articles in the Press continue to question whether there is a recovery. The people who are experts in the housing markets—the REALTORS®–are reporting very favorable news. These experts see a recovery.