May 2021 Real Estate Market Report
The real estate market is super hot …. and if you’re a seller, you are crushing it in comparison to this time last year!
The average sales price from Jan – April in 2021 has jumped 25% this year to $247,487
The condo market has not seen quite the amount of growth, but is still gaining during the spring months. From Jan – April the average sales price jumped 7.6% to $238,313
Inventory remains low Active listings at the end of the month were down -3.1% (4 month average) ….. … there is less than a months supply of homes available which is the lowest amount of inventory that we have seen
The median days on market for a single family home is at 23 days on market in comparison to 39 days last year
The average sales price vs. list price is at 101.5% over the list price compared to last year at 98%
98.4% of the homes this year are selling for over the list price … let me say that again … 98.4% of homes that have sold so far this year have been OVER the list price.
A lot of people are wondering if we are going to be able to sustain these prices. According to the experts, they believe prices will keep rising due to strong demand and historically low interest rates.
We are not headed for a crash. Lending standards are the biggest difference between now and 2008. What we have now is a supply issue. We’re seeing more people wanting to buy a home than prior to the pandemic and there’s a lot of reasons for this. We’re seeing optimism and people are willing to pay over the list price of a home because they want this for themself, their family, for whatever their needs are. Because it’s coming from a place in the last year where we have educated our kids from home, we’ve worked out, or whatever the case may be for individuals or families making these decisions, but strong, strong demand for homes across the area which is very very different from what we saw coming out of the last crash.
If you’re a buyer right now, you have to do whateve it takes to get the house you want and will probably pay more than you think you should … but according to the experts now is the time to buy because prices are going to keep going up, so if you see something you love and don’t take advantage of it, you may never have the opportunity again.
If you’re a seller in the research phase and thinking of putting your house out there but not sure where you would go, … I’d like to sit down with you and show you what I’m doing for seller’s because you have options and I’d like to walk you thru that.
I hope all of this information helps because I want to make sure you’re educated on what’s happening in the market.