Some of the most frequent questions people ask me these days are: “How’s the market; are buyer’s buying; are sellers selling amid the health crisis?” The short answer is yes; people are buying and selling, and we’re in an excellent market right now.
We saw a couple of months of declining sales due to COVID, but activity rose in June. In fact, there was a 3.4% increase in closed sales compared to June 2019. We also noted a 17% increase in pending sales, or properties preparing to close. Additionally, there’s been an increase in home prices; the median sales price is now $375,000; this includes new construction, which is about a third of our total sales. The median sales price for just existing homes is $359,000, which is up 6% from last year.
We’re seeing many increases in our current real estate market. However, we have especially low inventory, which means we don’t have enough houses for sale. Before the coronavirus hit our region, we had a very strong market, so much of the rebound we’re currently seeing is pent-up demand from the last few months. The problem is, we have less inventory than before COVID-19 hit; it’s decreased by about 40% from last year.
If you’re a seller, that means it’s a wonderful time to sell your property; there isn’t a ton of competition but quite a bit of demand, and prices are up. If you’re a buyer, it’s still a great time to purchase because our interest rates are currently at record lows. We just may have to get a bit creative to find the ideal home for you because of the lack of inventory. We currently have around one month of inventory, meaning if no more homes came onto the market, everything we have would sell in about a month.
If you're considering selling, it’s a fantastic time; allow us to get more houses ready for all the buyers out there.
If you have any questions about our current market or real estate in general, contact me via phone or email. I look forward to speaking with you.