Market Overview: May 2020
“In my three decade real estate career, this is the strongest seller’s market I have witnessed,” reports Linda O’Koniewski, CEO, Leading Edge. “It’s counterintuitive. The pandemic unleashed so much sorrow for those who suffered from the virus or are being crushed economically. Yet, because so many sellers are not yet comfortable having people in their home, the inventory has dropped to historical lows while buyer demand has remained strong. As a result, we have developed a new data point. We are calling it the “Success Rate.” The rate of property going under agreement is 26% better for single families over the last two months than it was for those same two months last year. And last year’s spring market was HOT.”May sales of single-family homes in the Leading Edge service area decreased -47.6% year-over-year. Inventory decreased -44.5%. The number of days on market over the last 12 months increased +2.9% while median sale prices remain up +4.0% at $650,000
