When we locked down for Covid-19, there was a lot of fear that real estate values would crash as a result. Everyone was scared, because we had never faced a challenge like this before. The fear was unwarranted.
As you can see from the graphic attached to this article, the market is back with a vengeance. Compared to the previous month’s activity, it feels like a boom is happening. 22% more homes for sale, 77% more transaction. But that’s not really fair; May was dead for real estate because of Covid-19.
But look at June 2020 vs June 2019 and you see some actual good news. Available homes are up 16% and we saw 13.69% more transactions vs the same month last year.
But it is taking longer to get homes sold. Days-on-Market us up over last year, which is not really a surprise given how cautions everyone is during Covid-19.
The good news continues. Prices are essentially unchanged vs. last year. We’re down 0.29% which is statistically unchanged. So the sky isn’t falling; we’re doing fine. Your home value isn’t crashing.
It’s nice to be able to share some good news!