Where did the summer go???? Kids are back in school, football is in the air, pumpkin-spice lattes are back at Starbucks, daylight hours are getting shorter, temperatures are cooling down but the REAL ESTATE MARKET IS STILL HOT!
The table above show activity for June, July & August for the last 3 summers, these trends are particularly interesting:
- Average home prices are UP over 12% from the summer of 2020 to the summer of 2021
- Days on the market is DOWN 63% for the same period
- Homes SOLD OVER LIST PRICE (102.3%) on average in the summer of 2021
- The total of homes sold is remaining relatively stable over the last 3 summers
To summarize the summer of 2021, the average home sold for $227,642, 2.3% OVER list price and in only 13 days!
This GREAT market for sellers also creates a CHALLENGING market for Buyers. If you are thinking of making a move:
Sellers: make sure you work with an experienced Realtor to develop a plan to help you take advantage of the current HOT sellers’ market
Buyers: make sure you work with an experienced Realtor to develop a strategy to be prepared and move quickly when you find the perfect home, also make sure to work with a Realtor experienced in competitive bid situations.
I can’t believe that the summer has flown by so quickly. Hopefully it was a good one for you, if Buying or Selling a home is on the horizon for you, please give me a call!