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Market Update: July 2020

Posted by VIBE Realty on Monday, August 3rd, 2020 at 5:37pm.

As we look at the numbers for July, we'll be looking at the real estate market's health in general, without as much emphasis on COVID-19. It's not to say we're not focusing on the impact this disease is currently having, but historically there is almost always a summer lull, so we want to be sure we're taking that into account.

School start and end dates play a large variable in how the real estate seasons play out. Since “going back to school” looks a bit different this year, we will have to closely monitor how this impacts the real estate market. Will it put a damper on the typically very strong fall market? Time will tell.

Here's how the numbers stacked up for July...The number of new listings went slightly up, which is encouraging in a month when they would typically take a dip. This is likely due to people who were looking to sell in the spring and waited until they felt more comfortable with showings in their home. Total inventory stayed steady, which would normally be encouraging for this time of year, however, we still seem to be playing a bit of catch up from spring.

 Perhaps more interesting though is the combination of the other numbers. Everything seems to support that buyer demand is basically off the charts. Average sale price is up while number of months supply is down. Days on market? Down again. Ultimately, record low interest rates and a general demand for housing seem to be exacerbating an already tight seller’s market.

 Stay tuned for more on how late summer numbers shake out. If you’re looking to sell or purchase real estate in these quickly shifting times, you'll definitely want a professional to navigate you through the process. Contact VIBE and we’ll be happy to connect you to someone that can help.

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