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As the real estate market begins to function more efficiently under the 'new normal' we find ourselves constantly advancing to a new marketing, selling, and transaction experience.
In our June edition of DSRE's Market Review & Report we're going to discuss the recent shifts we've seen in Market Activity and Real Estate data; from March 1st to today.
The Real Estate market has shifted, changed, rebound, and returned as Summer finally arrives.
In the ever changing world we're currently in between virtual tours, social distancing, supply & demand, and so many other factors it seems as though we've experienced 10 years in 2 months. The economy has certainly fluctuated in it's weight and the real estate market, well, that has put on a few extra pounds.
As always we like to start with the facts and numbers. For the first time since March 1st, the WEEKLY number of homes listed has surpassed, or almost equalled (depending on your county), the amount of homes listed in 2019. This is the first sign of a return to normal for inventory standards. The appreciation rate of homes in a year-over-year sense has continued at a range of 4-5%.
In YTD totals, we still see ourselves at a decrease of -20%. Those numbers previously trended at ~20,000 homes listed in 2017, 2018, & 2019 with the median home prices being $540k, $579k, and $600k respectively. For the year 2020, even with a drastic drop in supply, we see the trend continue up at $625k.
The details in the above information reflect a continued under-supply of inventory. With an approximate 4,000 reduction in homes listed it would lead one to believe that there are sellers gearing up to list their homes in the coming months.
To summarize what to expect out off each process (selling vs buying) it truly comes down to this:
Selling? Now is a great time.
As the numbers clearly show there is a lack of inventory and continued price appreciations. With there being a drastic lack of homes listed compared to the previous years, the question is what will happen with all the withheld inventory.
Buying? Hire a professional!
It is ever so important to have an agent that goes the extra mile. You need to be organized so that when a deal or simply the right home for you gets listed you are the top qualified buyer for that property. Also, through experience and education on the market you can feel confident and ready in your decision.
