As we enter the final month of summer, the real estate market has continued to trend in a positive direction with numerous exciting opportunities. In past years, we typically see the market slow in August as people begin to focus on family and personal events during the few final weeks before the school year commences- this year has surprised us!
The anticipated pent-up demand due to the effects of Covid-19 has trickled into July with sales up 32% compared to July of 2019. Active listings dropped 8% compared to last July, and due to our inventory decreasing our market is shifting towards a sellers market (especially, for single family homes). The average price for a single family home for July was $812,875, an increase of 14% compared to July 2019. Interestingly, when analyzing the statistics, we have seen increased sales throughout 2020 on higher end homes. There was a 64% jump in home sales over a million dollars compared to the same period last year.
If you are considering selling, we would strongly suggest reaching out as we have many buyers finding it difficult to find the home they are looking for. We would be happy to provide you with a specific and personalized market valuation.
