Market Update June 9, 2021

HOWS THE MARKET?

A common question to a complicated topic. Since the COVID housing frenzy started, the answer has been, “it’s tough if you’re a buyer,” for almost a year now. A while back, I noticed an uptick of listing back in April as well as in May. Here we can see this trend in action:

I, like many other real estate professionals, thought this additional inventory would alleviate some of the buying frenzy. Despite this increase of inventory, we are actually seeing a record low in available inventory:

This means homes are being snatched up at an even more astonishingly fast-pace that previously imaginable. The chart below shows the number of days the median property is on the market for… 6 days!

So, if someone asks you how the single family housing market is doing, you can reply, “It’s looking up and getting worse if you’re looking to buy!”