Now that we’re in July, it seems like this year has flown by! Hopefully, you and your family are keeping safe and healthy. Today we’re going to take a dive into the latest numbers from our real estate market, comparing the leading indicators from the last 30 days to those from the same period last year.

New Listings:

  • 2019: 4,521
  • 2020: 3,753
  • Net change: -17%

Pendings:

  • 2019: 2,965
  • 2020: 3,645
  • Net change: +23%

Available Inventory:

  • 2019: 7,422
  • 2020: 4,114
  • Net change: -45%

Days on Market:

  • 2019: 29 days
  • 2020: 27 days 
  • Net change: -7%

Month’s Supply:

  • 2019: 2.8 months
  • 2020: 1.5 months
  • Net change: -46%

So why does the market look this way? Well, there’s a lot of pent-up demand in the market from people who couldn’t buy or sell in the last three or four months due to the pandemic. Now there are a lot more buyers in the marketplace than there are sellers, which causes inventory to down.

“This is one of the hottest markets I’ve ever seen.”

If you’re thinking of selling, you can expect your home to sell very quickly with lots of showings and offers. The average purchase price we’re seeing is very significant, too.

If you’re thinking about buying, know that there’s a reason that there are so many buyers in the market. The primary reason is that interest rates are historically low. And given that all the demand is causing home prices to go up, you can expect a house you’d like to buy today to be more expensive within even just 30 days from now. In turn, this means if you bought your home now, you’ll be able to start building equity quickly. I advise you not to hesitate if you’re considering a purchase.

The bottom line: This is one of the hottest markets I’ve ever seen. If you’re thinking about buying or selling a home, reach out to us. We’d love to be of assistance to you.