As this seller’s market begins to become our temporary normal, the low number of homes on the market isn’t solely because of low inventory, but also due to the speed of determined buyers scooping these homes up.
All stats below are based on End of Month in April vs May:
Median home prices are climbing across many markets, despite some areas seeing an increase in new listings and the COVID-19 pandemic drawing to an end. However, as home values increase, so does resale value as homeowners consider their ability to sell in this hot market. Buyers are facing fatigue as many have submitted multiple offers and lost to competitors bidding even higher over asking price. But new listings are hitting the market, and if prospective buyers are working with an expert real estate agent and prepared to move quickly, it’s possible to win the home you love.
Weeks of inventory – 5 weeks vs 2 (Down 60%)
Median days on the market – March: 4 vs April: 5 (Up 20%)
New homes on the market –4,099 vs 6,658 (Up 32%)
Homes sold – 5,169 vs 5,442 (Down 5%)
Inventory in the 10-County Denver Metro has fallen monthly for over a year now. Despite the continued decrease in inventory, closings were up in the month of May. Buyer fatigue has slowed many down, but hasn’t stopped determined searchers who continue to submit offers with escalations. With competition remaining high across all price ranges and inventory low, prices will likely continue to increase throughout the summer months.
Weeks of inventory – 4 weeks vs 3 weeks (Down 25%)
Median days on the market – 26 vs 29 (Up 11%)
New homes on the market – 9,625 vs 11,308 (Up 15%)
Homes sold – 9,806 vs 10,198 (Up 4%)
Phoenix remains one of the most popular markets for buyers in 2021. Median home price continues to rise this month, reaching $386,500 and resulting in a 31% increase since May of 2020. Inventory has increased slightly, but ready buyers waive contingencies to make their offer more competitive.
Weeks of inventory – 3 weeks vs 2.5 weeks (Down 17%)
Median days on the market – 16 vs 14 (Down 6%)
New homes on the market – 4,416 vs 4,709 (Up 6%)
Homes sold – 3,893 vs 4,005 (Up 3%)
Inventory has increased slightly in the Raleigh area this month. However median home prices continue to rise and buyers still compete with multiple offers in most cases. If you’re considering selling, this is still a great time to list. Consult with a realtor you trust and understand what tasks you need to complete before you list.
Weeks of inventory – Single Family Residence: 2 weeks vs 2.5 weeks, Condo: 3 weeks vs 3 weeks
Median days on the market – April: 7 vs May: 8
New homes on the market – 12,043 vs 11,922 (Down 1%)
Homes sold – 8,791 vs 9,374 (up 6%)
The median sale price for houses and condos has jumped up 30% since May 2020, reaching $585,000. Inventory has increased just slightly this month. This may play a part in the slight increase in median days on the market. While this may indicate the market could be starting to cool off, buyers in Seattle are still facing stiff competition, and submitting offers with escalations.
Mortgage rates remain low for buyers, so demand for the limited inventory available will stick around through the Summer months. As a seller, you have the upper hand and opportunity to negotiate with potential buyers to get the best offer for your situation. To get the best offer for your home, it’s essential to work with an experienced real estate professional who is an expert in your local market.
Here are a few blogs that might help you as a seller:
- Can a Seller Back Out of an Accepted Offer on a House?
- What’s the Difference Between a Title and a Deed?
- What Home Improvements Add the Most Value?
Buyers in this market can do a few things to ensure they’re prepared to face stiff competition for an active listing. Being available to view a house, flexible with your time and making quick decisions is crucial right now. However, it’s equally important to consider what risks you’re willing to take when making an offer and which contingencies you can and can’t afford to waive. One of the best tools in this sellers market is a real estate agent you can trust who will guide you through this process.
Here are a few blogs that might help you as a buyer:
- How Long Does It Take to Buy a House?
- Buying a Condo vs a House: Things to Consider
- What is a Mortgage Pre-Approval: A Complete Guide
Please note, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000. If you sell with us, we give you comprehensive, expert service for a low flat fee. Keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Phoenix, Raleigh, Seattle, St. Louis and Tucson. In the meantime, please stay healthy and safe.