With all the events in the news people keep asking me if I am busy. The answers is…..yes! Rates are at all-time lows and helping drive the real estate market. We also have a sever shortage of inventory and a lot of demand. A lot of people are working from home and looking at property during the week instead of on weekends (ssshhhh…..don’t tell the boss!).
A few takeaways from the market data available through the end of February 2020:
• Median Price of 985k is up 9% from one year ago, but payment remain the same because interest rates are down over a percent
• 34% of the listings sold for more than asking price with multiple offers
• 51% of the listings sold for at or above listing price vs 37% in January of 2020 and 32% in February 2019.
• 55% of the listings sold in 15 days or less
So what about MARCH 2020? The market jitters really kicked in this month and the virus continues to spread:
• We continue to see hot new listings sell in just days with multiple offers over asking.
• New buyers are getting in the market because of the lowest interest rates of all time.
• Demand continues to be high and supply is extremely low with just 0.8 months of inventory.
This week I made three offers for buyers. All three properties had multiple offers and sold for over asking price. Two of them sold for more than 100k over list with all contingencies waived (no inspection, no appraisal contingency, released earnest money to seller immediately, etc).
This is a tremendous time to be a seller with so many buyers itching for a home while rates are low.
As always, please consider me a resource for your real estate questions.