After a full month of quarantine, we have some data
I ran reports today to see how the Collin County market is doing after a full month of quarantine. All month long my colleagues and I have been discussing how we feel the market is doing. Everyone agrees that the market seems very strong. The consensus is that the inventory is low and buyers are battling it out over the best homes that hit the market.
Is this a fair indicator?
Sure the inventory is low. And definitely the buyers that are out there are serious about finding a good home. They are fighting over the good ones. (read that as - multiple offers still exist) However, when you look at the data, the VOLUME is actually lower now than this time last year. Take a look below at the data. We have seen a decrease in the number of listings, the number of homes under contract, and the number of closings. The only thing we have seen an improvement on is the number of days on the market.
What Can We Expect This Summer?
Many experts predict that once the restrictions are completely lifted, our summer market will be flooded with both buyers and sellers. As more of our communities get back to work and our economy picks up, we expect the housing market to take the lead.
Yet some are taking a more cautious approach. We've already seen many of the iBuyers halt home purchases in our area. We've also seen some major brokerages cut staff (Redfin, Compass) The main concern is how the unemployment will slow the recovery.
Wondering What This Means For You?
I think this is a great time to buy or sell. The inventory is still low and the buyers that are out there are making offers. Interest rates are low and buyers should take advantage of that. Housing prices are holding steady. If you are ready to make a move, give me a call. Let's discuss your goals and talk about the specific data for your area.