April Market Update!
Friday May 07th, 2021
🔶 The market is still frothy however, it does show some signs of slowing down. Average price for all homes dropped roughly 7,000 to $1,090,992. Not a huge drop, but it does show some signs that the market could have potentially peaked a bit
🔷 I've personally been noticing that not all homes are getting a crazy amount of bids compared two a few months ago. Desirable properties are still getting multiple offers however, I have also seen homes which are not getting any offers on offer day. Often sellers have the mentality of pricing up their homes, and if they don't sell they don't mind sitting on them and not selling.
🔶 The increase in sales cannot be represented as an accurate representation of the market due to the fact that April 2020 was the first month of the lockdown due to Covid. That being said if we take the average for April from 2015-2019 we still saw a 32% increase in sales and listings were approximately 26% lower. This just reinforces reasons why the prices are so high. Low inventory and high demand.
🔷 Months of inventory did increase slightly compared to last month. 2.9 weeks in March to 3.7 weeks in April. This means that if no other homes were listed all the homes would be sold in that much time. With less than 1 month of inventory it still remains a sellers market.
🔶 Together with the increase in sales, we also saw an increase in inventory. This could potentially lead to a less feverish market in the coming months. Only time will tell.