June 2020 was a month of all-time records. The housing market rebounded from the pandemic. We are trying to satisfy the pent-up demand of buyers who could not purchase in spring due to the lock down.
Showing requests are 10% higher than last year, while new listings are more than 10% behind.
This creates the perfect tsunami for a summer buying boom.
Based on recent listings and sales in our brokerage, July shapes up to become another record-breaking month. Here are the details for June…
Average Sales Price at All-Time High
Both average and median sales prices have peaked. With record low inventories, a lack of new listings, and a very strong buyer demand we don’t see home values declining any time soon.
Inventory at All-Time Low
Strong sales and a lack of new listings are pushing the inventory lower than ever. At the current pace, the inventory would last only a single month if no new listings are added.
More Pending Contracts Than Ever
I never saw more pending contracts during a single month since we began tracking sales in 2012. 4,158 pending contracts is certainly an all-time high.
Most of these contracts will close in July and August. So, we expect the strong housing demand to continue throughout the summer.
Why Did Days On Market Increase?
You may be wondering why Days on Market (DOM) have increased when most new listings sell in just a few days?
There’s an easy explanation. Due to high buyer demand even homes that have been listed on the MLS for 30 or 60 days are now receiving offers.
This is great news for homeowners whose listings did not sell this spring.
June 2020 Housing Stats
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 3,151 – DOWN by 2.3%
- Pending Contracts – 4,158 – UP by 7.4%
- Inventory for Sale – 2,948 – DOWN by 38.4%
- New Listings – 3,554 – DOWN by 10.4%
- Days on Market – 27 -UP by 17.4%
- Average Sales Price – $273,020 – UP by 4.1%
Download the full report at June 2020 Housing Data.
If you have any thoughts of selling this year, click here to schedule your FREE Listing Consultation. Call or Text me at (614) 975-9650.
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.