All time record of sales in the past 3 quarters!
With the first quarter of 2021 in the rear-view mirror and the pandemic more than a year old, we are still very busy with unprecedented activity and demand and properties sold. Our market has never seen over 200 units sold per quarter, yet the last 3 quarters have been 244, 288 and 286, respectively.
The last month has continued to surprise us – many properties are having multiple offers and are selling close to the asking price. In a rare situation, a property sold for over 17% above the asking price, and those in multi-offer situations are selling an average of $5,000 to $30,000 above asking. A function of the new listings selling quickly is that we are starting to see more activity on the properties that may have been on the market for a longer period of time.
Looking at year-over-year numbers for sales is not beneficial, since last April was the beginning of the pandemic and there was a major slowdown in the market. However, by looking at listing inventory we can really start to understand the market a little more. April 1st, 2021 had less than half the number of active listings than April 2020, and 51% of the active listings of 2019. This is a very dramatic change, since the lack of inventory is one of the forces driving the multiple offers these days.
We are seeing more situations of backup offers, and it is surprising how often these offers are successful for the buyer to purchase the property. Please call me to find out more details on how to best navigate this seller’s market and strategies to find success.
We foresee more listings coming to market and are expecting the listing inventory to slowly start rising in the coming months; however, there is still enough inventory coming to the market to keep sale volume levels at an all time record high!