With the lockdowns persisting now into their 5th month, we frequently get asked what the effect has been on real estate. So, here’s the current State of the Housing Market:
- People are venturing out. The number of showings have returned to normal. While some people are sitting this out, those who aren’t are really getting after it!
- COVID pent-up demand pushed sales up 28% June over May (and within a mere 3% of June 2019)
- But NEW LISTINGS WERE UP just 2% from May. New want-to-be-sellers continue to be a challenge
- Inventory has fallen to 3,210. Down from over 8,000 three years ago. That’s a crazy decline in a “Seller’s Market”
Put those numbers together, and it’s little wonder that PRICES ARE UP 10% from a year ago (to a median average $219,000). And homes are selling on average for a discount from asking price of just 1.9%.
Looking for guidance on how to maximize your real estate benefit in this COVID impacted market? Call Bob at (317) 625-0655 or Dave at (317) 626-5754. As always, we work harder to make good things happen!