Supply and demand is the foundation of real estate and demand remains super strong for houses with 40% more sales than this time one year ago. Supply is very low with 58% less inventory than this time last year. Prices are up 12% compared with the same period in 2019. 71% of properties in September 2020 sold with less than 15 days on market, while 47% of them sold for over list price. A title company I work with told me that September 2020 was their busiest month EVER.
Takeaway for sellers: We have never seen so much demand this late in the year. With just 0.6 months of inventory (normal market is 2-4 months) it is an amazing time to be a seller!
Takeaway for buyers: Rates are still hoovering around all-time lows. If you can find the right property this is a wonderful time to lock in low payments. Although prices are higher than a year ago, the lower rates mean your payments will be about the same.
If you or any of your friends have any real estate questions consider me as a resource!