TAAR 5-County Housing Rebound
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Summary
We have received many questions on how the real estate market is faring as a result of the Pandemic. The good news is the market is strong and following the line we had anticipated at the onset of COVID. For Sale inventories are tight, employment for the home buying market is stabilizing and interest rates are historically low. The low rates are causing an additional jump in demand. For Sellers, this is one of the best times in recent history to put your home on the market. For Buyers, be patient, have your mortgage ready to go and don’t be afraid to be aggressive with your offers. Some are projecting interest rates to fall further. That will drive up an equal increase in prices, so waiting for further rate reductions will not likely benefit buyers.
Available Inventory
- Entering 2020 inventory levels were down 13% compared to last year. By March, just prior to Covid, they were down 16%.
- With a slowdown in the arrival of new listings during the shutdown, June 1st inventory was down 24% compared to the same time last year.
Showing Activity
- The only time 2020 showing activity was down compared to last year was during the lock-down from March 22nd to May 7th.
- Since the May 7th real estate reopening, despite significantly lower inventory levels, showing activity has been significantly higher than last year—46% higher.
- Between May 7th and June 15th, showings of upper-end properties priced over $600k were up significantly—539 compared to 168 during that same period last year.
