The remarkable market of the Summer of 2020 continues to blow up beyond anything seen before with very low supply and very high demand. From what I hear the same is true throughout the United States. Historically low interest rates & pent up demand are creating a surge in home buying with prices going up. Below are some graphs that I hope will illustrate what is happening here in the valley. First I compared this year to last year. There are almost 300 fewer homes on the market than last year. And the pending sales are much higher than we have ever seen at 540 (keep expecting this to drop but..no not yet. The number this week went up to 551!). Average sales price is up $20,000 from last year as well!
So it will never be a better time to sell a home and its also a great time to buy at the same time. You need to have your ducks in a row if buying though. The good homes are selling really fast!
Would LOVE any feedback and stories folks!
Then I took a look at January to August 2020 and we created some graphs to illustrate what has happened. Check out what has happened when you compare active and pending sales (supply and demand!). The ratio has gone from 49% to 160% again uncharted waters for sure!
Average sales price's have been steadily increasing as well. # of sales is rising sharply which will continue based on the high number of pending sales as they close.
One of the key drivers has been the reduction in mortgage interest rates. This really affects affordability. We actually closed a home for a buyer last week at a 1.625% rate for a 30 year fixed rate loan!
Call me today to discuss how you can take advantage of today's market. I'm here to help with your next move.
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