Here are three reasons our real estate market is outstanding these days.
Today I’m sharing our April 2021 real estate market update. The market has been fantastic lately, and there are three main reasons why:
First, in our market update last month, I said that was the best market in our area’s history. Well, I was wrong. This past month has now been our best market ever. That’s because, in the last month, we’ve had about 64% fewer homes available for sale than we had a year ago, and we had low inventory last year, too. We also had 30% more houses sell but only 96 new listings come onto the market versus around 230 last year at this time. All this is placing quite a bit of pressure on the properties available.
Second, home values are rising, and here are two examples to illustrate that: In December 2019, a new custom home sold, and it was just resold in February. In 2019 it sold for $2,595,000; in just 14 months it sold again for $3.3 million, which is a 27% increase. Another house originally sold for $990,000 and just sold again for more than $1.2 million in just over a year. So we’ve seen more than a 20% rise in a little more than a year. I’ve never seen this much pressure on prices.
Third, I’ve been receiving many calls from people who at first wanted to wait to sell but decided to take advantage of the current market, and they’re pleasantly surprised by the results. If you’re considering selling, even if it’s a year from now, you may want to think about moving sooner because we don’t know how long this strong seller’s market will last. Right now our market has appealing rates, massive demand, and tons of buyers; it’s a perfect storm for sellers.
If you have any questions about our market or how it will affect your plans, call or email us. We would love to help you.