Summary
Although inventory is down 39% compared to last year, daily showing activity and new pending sales continue to run at a faster pace than last year. July closed sales were up 33% compared to the previous month and 12% compared to July of 2019. Values continue to rise, YTD average sale price and price per square foot are both up—6% and 5% respectively. Record-low interest rates and strong demand will continue to drive sales so long as there are enough listings to keep the fire from going out. Potential sellers who have been waiting to see how Covid would impact the market would do well to jump in while it’s hot.
