Written by Steve Anderson, Broker at VIBE Realty
Spring Market 2020: Aggressive Buyers Make for Happy Sellers
As spring’s real estate market tries to find its stride, May’s data suggests conditions remain very favorable for sellers, but mixed for buyers depending on price point and motivation. New Listings have seen a slight uptick, resulting in a much needed increase in inventory. This is good to see going into summer, as this is normally when inventory levels would start to dip following a strong spring.
However, even with more inventory, houses are selling at a historically fast pace with an average market time of just 16 days. This is making it even more competitive for buyers and is resulting in higher prices for sellers. While the Median sale price dropped roughly $10,000 to about $295k, the Average sale price skyrocketed to $334k (the highest on record) indicating most activity is happening at lower price points as buyers seem willing to pay more than ever. It appears buyers are taking advantage of historically low interest rates and aren’t playing games in pursuing the houses they want.
While overall transactions were down 29% in May compared to 2019, one important question remains: Was spring market just delayed due to COVID-19 or did many buyers and sellers just give up? That story is still unfolding and it’s a little too early to tell. As the summer months kick off, we’ll be watching new listings very closely to see if more options become available for buyers.
If you’re wondering if buying or selling in this market is right for you, give us a call and we’ll discuss your individual needs and help you navigate the changing market.