Real Estate Update

Here is some insightful Real Estate Information from our President Chris Mikus.

Covid-19 may have put the real estate industry and market on pause this past spring, but the market is back in high gear and as competitive as ever.

Many factors have played into this. Historically low-interest rates, pent up demand, and shortage of inventory has set the stage for a brisk and competitive market.

Market inventory is averaging 1.3 month supply. The market for $1 million + homes is down to a low of 5 months. With this low inventory, interest rates and demand homes are selling in a few days with multiple offers and bidding wars.

The shortage of housing has created a fantastic sellers’ market, and this shortage is projected to go into 2021.

In essence, we will continue to see similar conditions well into next year. Now is a great time to consider selling or buying a home or in the spring market of 2021.

Here is some data to show how the market was in July of 2020.

To contact Chris Mikus for your Real Estate needs, you can contact her at chris.mikus@foxroach.com.