The weather is not the only thing that was hot in July this year. After a slower spring due to COVID-19 and stay-at-home orders, the market really picked up speed last month with home prices reaching a 10-year high and an increased number of closed sales up almost 7% from July 2019, and up 16.5% from June 2020!
A large contributing factor to the increased numbers year over year and month over month is the record-low mortgage rates, hovering around 3% for the past several months. These rates have been incentivizing buyers who’ve been house hunting for a while, and also new buyers looking to take advantage of the rates.
With this increase in buyers, the marketplace has been very competitive due to the lack of inventory. Currently, we have just over one month of inventory, down nearly 27% from July 2019. When a new listing comes on the market, buyers need to move fast! Average days on the market are also down to just 8 days.
If you are thinking about buying or selling a home this year, or even next year, and have questions about how to start or just about the market in general, we’d love to help you! Please give us a call for an obligation-free chat. We are here to help make this process as stress-free and enjoyable for you as possible.
We also understand that we are still in the midst of a pandemic and the safety of our clients is of the utmost importance to us. We continue to provide the materials needed in our listed properties for safe showings and work with our buyers in the way they are most comfortable viewing homes. If you have any questions about this process, please don’t hesitate to ask!
