Q: Are Homes Still Flying Off the Market This Summer?

Despite the pandemic, homes are still flying off the market.

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You may have heard doom and gloom about our real estate market lately, but the reality is, homes are still selling like hotcakes.  

Despite the COVID-19 outbreak, over the past three months, pending sales have increased 6% compared to last year, and last year’s market was busy enough. The biggest issue is the number of homes for sale. Typically, we have anywhere from 5,000 to 6,000 available listings at any given time, but right now there are only 1,500 homes for sale. That’s a 20% drop year over year, and one of the lowest inventory levels I’ve ever seen. Homes are also averaging between 30 and 40 days on the market. 

There’s never been a better time to get top dollar for your home.

What’s especially interesting, though—if you’re thinking about selling—is that the median sales price has skyrocketed. In May 2018, the median sale price was $185,000. In May of this year, it was $221,000—a $40,000 increase in just two years! There’s never been a better time to get top dollar for your home.

If you’d like to know what’s happening in your local area before listing, we’d be happy to come out to your home and tell you exactly what it could sell for. Just send me an email or call my team directly.

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.