It's a great time to buy or sell, and here are the numbers to prove it.

In our previous message, we discussed the importance of safety measures for buyers and sellers in our marketplace amid COVID-19. Let’s now discuss some of the numbers released from our MLS for April and heading into May. 

One of the most notable changes is what’s been happening with the inventory. Heading into this pandemic, inventory levels were already very low; the latest data shows that inventory is getting even lower—down 25% year over year. Listing numbers, however, are still pretty high, which is great news for buyers and sellers. Last month, we had over 6,000 listings put on the market, and though this is down from last year, it’s still indicative of a fairly robust market. 

There were 2,800 pending sales last month, amounting to just a 5% year-over-year decrease. Settlement sales totaled 2,500, which is about the same as last year, and new construction is actually up year over year with 293 units built last month. 

So what do all these numbers mean? Well, prices haven’t jumped up, so active buyers don’t have to worry about being squeezed out of the market right now. Sellers, you’re also in a good position: less competition, and high demand from buyers. 

Interest rates have been all over the place since COVID-19 hit, first dropping drastically, then rising in response to a record-setting deluge of refinances. Right now, rates have begun to level back out. We’re seeing 30-year fixed mortgage rates around 3.25% for those with good credit.

“Prices haven’t jumped up, so active buyers don’t have to worry about being squeezed out of the market right now.”

It’s a good time to buy because the spring market is still in full swing, and we’re starting to see more and more properties being listed. If you were an active buyer in the market but withdrew for safety reasons at the onset of the pandemic, you can now feel confident in jumping back in. We’ve established rigorous protocols for our agents, buyers, and sellers. We’re doing a lot of video tours, and making use of amazing 3D Matterport technology.

Sellers, you should know that buyers will only be able to view your home under the tightest restrictions; when in-person tours are necessary, we’re making sure all of the lights are already on and inside doors are open to minimize touching. We ask that buyers wear shoe guards, gloves, and masks. Immediately following showings, we sanitize the premises. 

Overall, the market looks healthy. It’s still a great time to buy or sell—and do so safely. If you’re interested in purchasing or selling soon, or if you have real estate-related questions, give us a call or shoot us an email. We look forward to hearing from you!