Updated: Jul 16
Our market is rocketing back up. Is now the time to make a move?
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Obviously, 2020 has been an unprecedented year, and we all know COVID-19 will continue to affect everything. What, exactly, that impact will look like as time goes on is unclear. For a while, I’d been predicting that as soon as people are more comfortable going out and about, properties will start selling again—and wow, have they ever!
June 2020 saw an almost 11% dip in active inventory over the previous month, but saw a nearly 58% spike in closings! Let that soak in: There were fewer homes to look at June than there were in May, but nevertheless closings skyrocketed. The average sales price went up by 3.14% to $509,736, and the median close price also increased slightly.
Normally, we start getting really busy around February and stay buzzing through May, but since so many people put their real estate plans on hold amid the coronavirus outbreak, that busy season is starting to show now at the midpoint of our year. So, what does this mean for you? What does it mean for our 2020 real estate market overall?
Now, year over year, the number of homes sold is still down by 4%. That being said, with such phenomenal month-over-month progress, I bet we’ll catch back up and be right on track by the end of the year. I don’t think we’ll see many more months of over 50% gains in the number sales, but it’s clear we have a very strong market.
If I were a betting man looking at these numbers, I’d bet we’ll be back on track by the end of the year.
Our market is in good health partly thanks to the historically low interest rates. Right now, we’re seeing people lock in rates around 3.25% and, though we can never say with absolute certainty what rates will do, all signs point to rates remaining fairly low.
If you’re curious about your home’s value or you’ve been seeking a change, now is the time to explore whether a move in the market makes sense for you. There’s a unique opportunity for you to save a lot of money by locking in a great rate.
When we look at the market overall, we have to admit we still don’t know what’s going to happen with a second wave of COVID. So far, however, everybody’s being cautious; masks, gloves, and disinfectant are required for showings, and open houses are starting up again with similar safety protocols. From what we can tell, it’s shaping up to be one really hot summer—not only in terms of temperature, but in terms of buying and selling real estate.
I hope you found value in today’s market rundown. If there’s a topic you’d like me to discuss, please let me know. As always, reach out via phone or email if you want to discuss your personal real estate goals. I’m here to be a resource for you.