We don't have a chrystal ball, but I can tell you that there is a LOT of pent up demand. Our buyers are anxious, and want to buy houses. If you're thinking of selling, now is a great time to satrt planning!
By the end of April, in a week to week comparison:
- Sales volume declined 73% (April 2020 vs April 2019 – 500 vs 2000)
- New Listings declined 64%
- Inventory is currently around 2 months (it would take 2 months for all the homes listed to sell), which is up from 1.5 months at the end of March.
- Lower price points (under $1m) are still selling relatively quickly, while more expensive housing units are starting to take longer to sell.
- Supply and demand are reasonably balanced so far, as both sellers and buyers step out of the market.
- Prices are trending down slightly; we believe that households that purchased in Feb / March are taking slightly lower prices to guarantee a sale.