Market Predictions: We are expecting to see another big closing month in August. Due to the continued lack of inventory, we don’t see home prices falling anytime soon. The interest rates are still at an all time low which allows buyers to afford more. The mask wearing, hand washing, and social distancing doesn’t seem to be slowing down the real estate market, and we look forward to seeing if there will be a fall slowdown at all this year.
Market Recap: The last 6 months has been a bumpy ride with the onset of COVID-19. In April and May we saw the market stall as showings were halted, but it quickly came back with record number of pending homes in June. Then in July we had the highest ever recorded number of closing and detached house prices skyrocketed to $601,863 which was almost 10% higher than the same time last year.
Market Overview
Single Family
Active Inventory 4,001
Sold Home 4,086
Ave Sold Price $601,863
Ave Days on Market 24
Condos & Townhomes
Active Inventory 2,448
Sold Home 1,858
Ave Sold Price $383,174
Ave Days on Market 26
Real Estate Humor
Why did the house go to the doctor? It had a window pane.
