COVID-19 and the continued lowering of interest rates have ushered in a delayed buying season. Typically, we see buyers knocking on doors in the spring and summer months. However, we are now seeing buying into the fall season.
The delay, low-interest rates, AND low inventory is creating fierce competitive buying situations as well as more pending sales when viewed year over year. The average days on market has dropped to 38 days, an exceptionally low number for this time of year.
Here are the facts and figures:
New listings have decreased 5.9% year over year
New listings have decreased 16.0% from August 2020 to September 2020
Pending sales have increased 17.3% year over year
Closed sales increased 36.8% year over year
Inventory decreased to 1.1 months in September
*This is the lowest inventory measured in over 3 years
Comparing the first nine months of 2020 to the first nine months in 2019
New listings have decreased 9.6%
Pending sales increased 5.5%
Closed sales increased 2.8%
The median sale price has increased 5.7% from $410,000 to $433,500
Take-aways for buyers:
Now, more than ever, you need to be pre-approved when you come to the offer table
Consider shortening inspection periods in order to make offers more attractive to sellers
Be prompt when new properties come to the market
Have conversations with your agent concerning wants/needs and financing in order to be swift
Take-aways for sellers:
This is a fantastic time to sell your property
Be aware of similar properties on the market, pending, and recently sold that are close in proximity to your property
Price aggressively
Taylor Rhodes, Realtor
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