You would not believe it when you read the papers – buyer demand is through the roof.
Both properties I listed last week are now in contract at or above list price. The Muirfield residence you see featured at the end of this email had 12 showings on the first day.
Buyer Demand Surpasses Pre-Pandemic Numbers
Buyer demand is through the roof. All real estate web portals experienced higher search volumes since the start of the pandemic.
Live showings are also back at the same level as last year. And, buyer demand is 6.9% higher than before stay-at-home orders were imposed in March.
Buyers are out in full force. What’s holding us back is a lack of homes for sale.
New Listings Drop Almost 30% Below Last Year
Our weekly market tracker shows how new listings have been ticking up for 4 weeks after they hit rock bottom in the middle of April.
Last week, however, new listings suddenly dropped by 28% compared to the same week a year ago. This is probably due to Memorial Day weekend and should recover again next week. And we anticipate a summer boom rebound in the near future.
The inventory of active listings stands at ONLY 3,063 homes as of yesterday.
The red trend line shows the year-over-year drop in new listings on a weekly basis. This past week (May 22) we suffered a severe pull-back from sellers.
Special Summer Offer: Your Home Value during COVID-19
Like many homeowners you are probably wondering how the Coronavirus pandemic impacted the value of your property.
That’s why I am offering a FREE 15-minute online consultation via Zoom video conference to answer the three most-asked questions I am getting today:
- How much is my home worth in this market?
- How do you sell homes safely during COVID?
- How’s the mortgage market right now?
Click the button below to schedule your free 15-minute consultation at a time that’s convenient for you. There’s no obligation. This is a free service I am offering to keep you in the know.
During our appointment, I will also explain my “Safety-First Listing Launch and Home Sale Strategy” to keep you safe during the sale of your home and follow all government rules.Free Consultation
April 2020 Housing Stats
The latest Housing Stats confirm the slowdown of the housing market in April, however, there is a summer rebound approaching. Please note that homes sell faster (DOMs are down) and for more money (Average Sales Price UP).
Click this link to download detailed April 2020 Housing Data.
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 2,277 – DOWN by 15.1%
- Pending Contracts – 3,002 – DOWN by 19.1%
- Inventory for Sale – 3,323 – DOWN by 13.3%
- New Listings – 2,724 – DOWN by 26.6%
- Days on Market – 30 – DOWN by 6.3%
- Average Sales Price – $250,409 – UP by 3.4%
Schedule your FREE Home Value Consultation or call me at (614) 975-9650.