Here’s everything you need to know about the health of our market.

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Months’ supply of inventory is an important metric that we check all of the time just to get a feel for the health of the market, and as of right now, it's down 16.4% year over year at 4.6 months’ worth. This indicates we’re in a seller’s market.

Additionally, our inventory shrank by almost 16% year over year. Despite the tighter supply of available homes, new pending sales grew by nearly 2% from June 2019 through May 2020. Due to COVID-19, sellers are far more reluctant to come back to the market, and they have real concerns about people walking through their homes and the general fate of the market.

The buyers, on the other hand, have returned to the market in force. This strong demand is being fueled by incredibly low interest rates, which have helped overall home affordability reach an all-time high.

 

Buyers have returned to the market
in force, and with good reason.


 

What is more, our overall median sales price is up 4.3% at $330,000. If you’re a seller, you can expect to face little competition while garnering multiple offers. There is a ton of interest in our market, which presents serious sellers with a lot of opportunities. Also, you should know that, as a professional agent, there are several protective measures we can help you implement when it comes to buyers touring your property in a safe and controlled manner.

Buyers, don’t be afraid of this seller’s market. Average rates on a 30-year fixed mortgage are below 3.3%, and this unheard-of affordability means you can secure more home for your money. Now, given the amount of competition out there, you’ll need proven strategies and expertise to help you get an edge as a buyer.

We definitely need more inventory to satiate the high demand. If you have any questions about market trends or want to buy or sell but don’t know where to start, please reach out by phone or email. We’re always here to help. In the meantime, check out these interesting mid-year market reports for housing supply and monthly indicators.