Here are the stats you need for a more comprehensive picture of our market.
What’s been going on in our local real estate market lately? In August, we saw new listings decrease by 8.3%, which wasn’t too surprising due to COVID-19, but the number of pending sales was actually 1.1.% higher than in August 2019. That means demand is outpacing supply, which generally pushes prices upward.
We’re working with 1.3 months of inventory, which is only a slight change from the previous month. That number tells us that if we hypothetically stopped putting new homes on the market right now, it would take only 1.3 months (just shy of 40 full days) to sell all existing homes on the market—that’s an insanely rapid rate!
Year to date, we have 10% fewer homes available for sale, and pending sales are up 4%. If you’re looking to take advantage of the market and sell soon for whatever reason, now would be the time to assess your options. If you’re on the buying side of things, you’re probably aware by now some challenges await you in the market. That said, we here at the RealTour Property Group are equipped to help you overcome barriers and leverage your position to make attractive offers.
Furthermore, homebuyers shouldn’t lose sight of the fact that it’s incredibly affordable to buy a home right now due to historically low interest rates. When the rates are this low, it’s sort of like a built-in discount; you can counterbalance some of the rising home prices by locking in a great rate so that your monthly payment will be lower now than it would’ve been in years past. Yes, you might be paying a little bit more up front, but more of your monthly payments will be paying down the principal on your loan—that means you’re saving tens of thousands of dollars in the long run.
So, if you’re interested in buying or selling a home soon, don’t hesitate to call, text, or email us today. We’re always here to help, and it’s our pleasure to answer any questions you may have.