June 2020 vs. 2019
The Real Estate Market is staying strong even with the current Covid-19 going on. Now, how sales are down in June 2020 compared to 2019 but only by 4.16%. This really is not bad considering the situation our country and the world has been in. Now the values have not gone down at all. In June of 2020 homes sold for an average increase of 5.69% price per square foot compared to 2019. Homes have lasted a little longer on the market with the average time on market increasing 8.71% compared to 2019. Also, in 2020 40.81% of homes sold within 30 days on the market with an average of 99.04% List to sales price compared to 44.06% sold in 30 days in 2019 with a 99.45% list to sales price.
Now the average Real Estate transaction is right around 45 days to close so anything closing in June would have normally originated in Mid to late April to mid may or so. You can have properties close within 30 days, but the average is right around 45 days. So that would put us in the middle of the lockdown or just coming out.
Personally, I think home values are only going to continue to increase. Especially with interest rates in the low 3’s and the lack of inventory. Lately I have heard nothing but how the lack of inventory is playing a major role in the market. Clients need to be ready to go to the property right away to see it because if it is a nice home it is selling within days and generally with multiple offers on it. Its, NOT FUN being a buyer in today’s market but for sellers it is amazing. Especially if you have a home that is move in ready.