Before I share some specific statistics from our summer market, I want to take a moment to honestly encourage those of you who may be on the fence about selling your home to seriously consider doing so now; the amazing market, to which the following numbers attest, is the result of several unusual factors. Simply put, there hasn’t been a better time to sell your home than this current moment.
Nobody has a crystal ball, but given the uncertainty of the upcoming general election, the lingering coronavirus, and the wave of foreclosures predicted to hit the market in the next 24 months, it’s fair to say that the housing market will be subject to a lot of change. It’s best to cash in now when you’re ahead rather than try to double your money in the mystery bonus round, so to speak. That goes for buyers, too, actually; with rates at or below 3% (down from 3.75% this time last year), securing your next home is remarkably affordable right now.
Here are year-over-year comparisons for July, the most recent month for which we have complete data:
Key: 2019 | 2020
Homes sold: 1,812 | 1,956
Average sales price: $249,000 | $263,000
Average days on market: 50 | 48
Pending listings: 1,791 | 1,782
Active listings: 4,282 | 2,522
New listings: 2,502 | 2,137
Absorption rate: 2.89 months | 1.71 months
Your quote of the month will is a simple yet powerful one: “Repetition equals perfection” — Unknown.
On a personal note, I want to thank my clients, staff, and anyone who has sent a referral our way. Without you all, we wouldn’t have the business that we do. To my agents and my staff: You’re appreciated more deeply than you’ll ever know.
Keep in mind that we’re always looking to hire great agents. I believe we have the best splits in the business; we don’t charge any fees—no monthly fees, desk fees, yearly fees, royalty fees, etc. We have a residual income policy for our agents, meaning that if you recruit other agents, you’ll get paid off of their deals for life. Additionally, we do a lot of real estate investing, and we’ll teach you how to buy rentals, flip houses, and build wealth through real estate.
One last important note: 1% of all our commissions go to charities we believe in that feed the hungry. It’s our conviction that no one should ever die of hunger, especially not someone in our community.
As always, reach out via phone or email if you have questions about the market, buying or selling a home, or anything else related to real estate. We’re here to be a resource for you.