From a local standpoint, we are in an extremely strong seller’s market. Sales are down, but this metric can be deceiving without proper context. They’re down—not because of COVID-19 or the real estate market taking a dive—but because we simply don’t have enough inventory for all of the buyers who are interested in purchasing today.
Recently, we had a listing go live on the market, and within two days, it had over 25 showings and generated 11 offers. As you can imagine, the price on that home did get bid up. Another listing of ours went on the market for $629,000 and received three offers in three days, all above list price. Ours is a healthy market, it’s just bound by low inventory.
COVID-19 has certainly impacted the market, but it’s done so in a way that only served to create more demand. Our average days on market is only 14 days now, and it’s still trending downward as we head further into summer.
A typical market, or what’s known as an equilibrium market, has four to six months’ worth of inventory; we have a 0.65-month supply, meaning that if no new homes came onto the market, it would take just around 20 days to sell all of the existing supply.
Properties are moving quickly, and we’re seeing tons of multiple-offer scenarios. The question is not whether the market’s hot, it’s about how we can ensure safety for buyers and sellers. We conduct business in our new normal very carefully. In our upcoming videos, we’ll explain exactly how we’re helping clients in the new normal, and what they can expect from a transaction today.
If you have questions about any of the stats we mentioned in this video, or if you’re thinking of buying or selling soon and don’t know where to start, give us a call or send an email. We’d love to hear from you and help in any way we can.
