Burst of market activity. Above asking the new normal?

[AJ Wong]

Well, the Spring season has started early. On a recent thread in 8 different US markets investors, brokers, lenders and markets in general are seeing a flurry of sales activity including failed offers over asking price. 

I've had 7 recent prequalified clients with two offers in against competing offers on the OR Coast. One other should be submitted tomorrow. 

A quick look at the recent listings shows many going pending within days and sellers even instituting deadlines for offers on highly desirable properties. Is this the new normal? 

With the extremely limited inventory on the coast, I anticipate that the buyers and investors that have been on the fence will look to act while rates are lower and economic conditions appear to be stabilizing. 

Sellers that held off listing this summer could benefit greatly from an early start on the Spring and Summer season. 

If long term interest hold in the 6% range or touch into the mid 5%'s it is very likely that due to the extremely low inventory in many regions and the seemingly growing demand for residential income properties, market intensity could remain elevated for the next 1-2 quarters. 

What are you seeing in your local market?