Due to COVID-19, our market is trending differently from previous years.
The most up-to-date information is included below
I hope that you’re all staying safe and healthy! Though the country has begun to reopen, it’s still wise to be cautious when coming into contact with others. In addition to checking in to see how you’re doing, I also wanted to fill you in on how COVID-19 and the ensuing stay-at-home orders have affected the market and what the short- and long-term plans might look like.
First, let’s look at some of the seller statistics. The number of new listings is one of the best demonstrators of seller intent. On the graph shown in the video above (0:55), you’ll see the number of new listings by month for 2018 and 2019 are very similar; they start very low in January, peak in May, and trend back downward toward December.
New listings in 2020, however, have seen a marked departure from that curve. So far, new listings have peaked in March and trended downward in April, clearly due to the stay-at-home orders. Many people who were considering making a move in the market before COVID-19 hit held off on their plans once the pandemic manifested.
Now we’re seeing a lot of activity due to pent-up demand. Our inventory is currently low, but there are still many buyers in the market because interest rates are very low. As a result, there have been quite a few multiple-offer situations. In fact, the amount of time that homes spent on the market dropped by 7.6% year to date.
If you’re planning to buy or sell a home, please contact me so that we can come up with a strategy to help you succeed.