Our market exploded out of the gate at the beginning of the year. Sales from the first quarter were up 12.9% compared to 2019. Then, as we know, COVID-19 hit. For the next two months, things got very quiet as the lockdowns ensued. Year-over-year sales dropped 12.4% in April and 17.4% in May.
This trend of declining sales made me slightly nervous that more challenging times were ahead, but during June sales increased by 14.7%. Low interest rates were the driving force behind this increase. They’re so low that someone on our team recently closed on a home at a rate of 2.75% for a 30-year mortgage. If you’re thinking of buying or refinancing, now’s the time to do so.
This is the lowest inventory mark we’ve seen in two years, so if you’re thinking of selling, now is a great opportunity.
The last number to know about is the 1.7 months of inventory in our market. In our area, anything below three months is considered a seller’s market, while a normal market has between four and six months of inventory, and anything higher than that indicates a buyer’s market.
So as you can see, we’re in a deep seller’s market. This is the lowest inventory mark we’ve seen in two years, so if you’re thinking of selling, now is a great opportunity—especially since the economy is expected to worsen in the coming months.
This brings me to my last item: We can make a cash offer for your home if you are planning on selling. Lots of sellers prefer not to deal with the process of staging the house, putting it on the market, dealing with showings, negotiating inspections, etc. If you feel the same way, we can simply make a cash offer on your home right now and get it sold quickly.
If you’d like to take advantage of this offer or have any other real estate questions, don’t hesitate to reach out to me. I’m here to help.