The sales numbers this week have been very good (especially if you are a seller). Active inventory has dropped from a peak of 1,112 on May 16 to 986 listings active on the market (as of 3:17pm on June 10, 2020). This number is even more incredible because it includes 40 “coming soon” listing that are not even actively for sale yet (they soon will be). At the same time, the number of listings in escrow has climbed from a low of 768 on April 17 to 1,201. That means there are more than two hundred more homes in escrow than are actively on the market or imminently coming on the market.
Interestingly, the average sales price of homes on the market has climbed from a low of $619,518 on April 14 to $704,416. This number suggests that “affordable homes” are getting sold very quickly, leaving more expensive custom luxury listings that typically have a longer marketing period. (The state of the luxury market deserves its own post. I’m working on it).
For the past three weeks, homes are selling faster than they can be replaced by new listings. The “spring rush” is here—it just came a little late this year. My anecdotal experience has been that the majority of homes my clients have pursued have received multiple offers. New construction sales have been pretty robust. I’ve had three instances in the past two weeks where new construction lots my clients were considering sold while they were considering making a deposit (in one instance, 4-5 identical lots sold in just a couple of days). Things are moving.
If you are considering selling, now is a great time. If you are considering buying, you need to move fast if you see something you like. (And interest rates, while volatile, are still very good. I am seeing locks under 3% for 30-year-fixed paying no points). And if you own a home and love it, you can take comfort knowing Covid-19 has generally not diminished the value of your home.
All of our summer vacation plans got destroyed by Covid-19. So the good news is I will be here all summer to help you.
