In today’s update, we’ll take a look at the current market numbers, compare them to the numbers we saw last year around the same time, and discuss what they mean for buyers and sellers.
In 2019, 769 new listings came on the market while just 674 listings came on in 2020—a 12% decrease.
The number of closed sales increased by 15%, from 517 in 2019 to 597 in 2020.
The number of days that homes tend to spend on the market went from 99 days last year down to 82 this year, meaning that homes are selling 17% quicker in 2020.
So what does this mean for you?
It means that now is a great time for homeowners to put their homes on the market. If you’re a buyer, you need to be ready to go look at homes as soon as they come on the market.
Many people wonder how these trends will affect their home prices. Are their homes going up or down in value? I look at two numbers to gauge what’s going on:
- The list-to-sales price ratio has gone up from an average of 97.2% to 97.5%, allowing for even less negotiation this year than last.
- The median sale price has risen from $190,000 to a little over $212,000, meaning that home values are indeed trending upward.
These are trends that we’ve seen all year; the market continues to get tighter. Right now, we have 3.3 months of supply available on the market. The National Association of Realtors tells us that anything less than six months of supply is a seller’s market, which tends to favor sellers more than buyers.
If you’d like to learn how your home specifically fits into our market, don’t hesitate to reach out to us here at the Les Walden Team. We’d love to discuss that with you.