Real Estate Market Update!
As the median sales price increased to $367,000 last month - up 9.6% from last year, we have yet to see a major impact from COVID-19 on our local market. With virtual tours and online consultations we have been able to help keep our clients safe during this time - thank goodness for technology Also, on a positive note, it has allowed some of our buyers who have been dealing with multiple offer situations to lock down a home since some people are holding off and waiting to see what our market will do later this year.
Getting into the data...This chart represents where we are at with housing inventory compared to where we were during the last recession (which was the only recession out of the last 5 that had a decline in Real Estate values - during the other 4 they increased slightly). Meaning, we are FAR away from experiencing a buyers market.
The second chart shows that we are equity strong in our homes with over 1/2 of homeowners standing at over 50% equity. Meaning people are less likely going to walk away from their homes and give them back to the bank.
Lastly, the equity cashed out over the past 3 years is SIGNIFICANTLY lower than prior to the last recession, meaning people are being smarter with their money and not using it to finance their lifestyle like before.
Have questions about the real estate market or the value of your home? Send us a message and we are happy to help!