Weekly Market Update May 17, 2020

Market Trends

The Week of May 10-We have settled into a pace for now. It resembles where we were in December and January. That was pre-virus but the slow season. When short-term lodging opens up again, hopefully this week, I believe we will see a strong increase in pending contracts. New Listings skyrocketed this week which is normal for this time of year. Properties closing last 30 days maintain 97% of list price. With interest rates historically low we are in the most buyer friendly market in years. 

5/17/20   636 Active  108 Non-preconstruction Pendings

Pendings; median DOM 31 Ave 78
Price Decrease (34)
Price Increase (1)
New Listing (94)
Back On Market (9)
Pending (34)Sold (18)
Withdrawn (7)
Expired (9)

New listings coming on and people have stopped pulling their properties off the market. That means the number of active listings is getting larger. Also seeing more price reductions. Now's a great time to find the home you've always wanted. If it's here today it may be gone tomorrow and not be back for a very long time.  

I hope you're staying healthy and planning on seeing us when this passes. We miss you all! 

As always, I appreciate you. If you can think of anything I can do to help make your life easier today, please let me know.