The local real estate market is recovering so well from the statewide shutdown that it may soon have a hard time keeping up with itself.
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As we move to the next phase of reopening, life feels like it’s slowly inching back towards normal. The same is true in real estate. Statistics on home sales in May provided the first true picture of the effects of COVID-19. Those reports confirmed the incredible strength and stability of the local real estate market.
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Western states and metropolitan areas, especially those on the coast, continue to reap the highest returns on home sales.
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The market has benefited from a fairly significant drop in mortgage rates. With average 30-year fixed rates still below 4%, local economist Matthew Gardner things, buyers who have been sitting on the fence will become more active, especially given that they have more homes to choose from.
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Inventory is up, prices are relatively stable and homes are taking a bit longer to sell. However, with less than two months of available inventory, supply is still far short of demand.
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The theme continues to be low interest rates and less emotional buyers as they are crunching numbers to decide what makes sense. Price your home to sell or expect to sit on the market for longer than normal.
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The theme right now seems to be caution. Buyers and sellers are less emotional than we have seen over the past few years and are now more analytical about their housing decisions.
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