July Market Update: Has the real estate market been affected by COVID-19? Has the real estate market been affected by COVID-19? That's the question that many people have on their minds these days.
Is my home really worth what it was worth in January and February, before COVID hit? I want to share some of the facts with you about what's happening in the July market.
You might laugh at this, but I remember not that long ago when the average sale price was $135,000. And it climbed to $168,000, about five or six years ago, $168,000 was the average sale price then. And we thought, wow!
Now, the average sale price for the month of June was $406,000. That's $406,000 is the average sale price. Now, year to date, the average sale price is $382,000. Which is still up 14%.
Compared to last June, June to June, the market's up over 20%. But here's the interesting fact. Sales are down in the month of June, by three and a half percent, but so are the listings. The listings are down 7.35%.
So what does that tell us? What that's telling us is... that a lot of the stuff that's been hanging around for the last couple of months, maybe not getting the action or the activity, is selling now.
Why, you might ask? It's pent up demand. There's a lot of buyers in the market, I know that some of you might argue with this point, but, we are still very affordable. I know that people say, "Ooh!"
But we are still very affordable.If you do the math, you know, instead of renting, if you have a job, and you have a career, you can rent, and the amount, what the mortgage is, is going to be the same that you be renting.
So there's value in buying real estate, that's 100%.
So, the average sale price is up, the listings are down, and the sales are down from the last month. In year to date, because lack of inventory.
So, thinking of buying or selling, now is the absolute best time to buy or sell a home. So, if we can be of any service at any time, please reach out to us at 519-979-9949.