Homes available for sale at the end of November 2020 were down 22% from a year earlier. It is the lowest inventory count since the National Association of Realtors began tracking in 1982. It is not surprising that home prices are shooting up thanks to strong demand and low inventory. The average median of a home sold in November 2020 was 14.6% higher than the previous year.
If your concerned that this is not sustainable. You could be right. Some experts warn that home prices are over-heating and affordability is suffering. These experts have a point because after 5 consecutive months of gains, closed sales of homes in November 2020 were lower. Similarly, following three months of record highs, homebuilder confidence fell 4%. Likewise, mortgage applications also dropped in December.
What this means is that times might bet harder for home sellers. Lower affordability can hurt demand. Price growth might slow down, or prices might decrease as we saw before the pandemic. Fortunately, nationwide trends haven’t caught up to us yet. Demand is still very strong, so if you were to list now you would likely sell quickly and for top dollar.
If you’re considering selling while the market lasts, please give me a call at 206-618-5123. I’ve helped many sellers sell their homes during the pandemic and I’m here to answer your questions and help in any way I can.
Serving Bainbridge, Bremerton, Kingston, Indianola, Ocean Shores, Port Ludlow, Port Orchard, Poulsbo, Seabeck, and Silverdale