Unexpected Beneficial Moment for Home Sales
My experience right now is very unexpected in light of the coronavirus. Sellers are understandably hesitant to list now, but our listings are selling as fast as we can list them.
This morning I pulled active listings and pending sales in the Multiple Listing Service since March 16th, and I learned that there are about 150% more pending sales right now than usual. Based on the current rate of sales, there will be few homes to sell within 30 days unless homeowners with plans to sell begin listing their homes.
RMLS data for May 1 – 31, 2020
Since buyers are looking in high numbers and fewer sellers are listing now, we are finding ourselves in a supply-and-demand shift that is benefiting sellers that are listing in spite of this crisis. Industrywide precautions are being diligently followed including masks, gloves, social distancing, and booties for all showings.
We are not seeing prices go down. Certainly we have no way to know what the future holds, but this is what is happening right now.
If you had plans to sell this year and would like to explore your options, I welcome your call or text at 503.906.1370.