Rounding out the Second Quarter of 2021, we’ve seen about 40.89%% more properties selling in the last week (348) compared to the month prior (247). And those sales are up 9.78% compared to the same week last year. We’re starting out the Third Quarter with a 5.10% increase in New Listings compared to the same time last year.
However, as you can see in the two blue lines above (New Listings and Pendings), that inventory coming into the market has remained fairly flat over this quarter. We haven’t seen the normal seasonal spike in new listings. Also this quarter, we’ve had a few weeks where more properties closed than new listings came into the market.
This has caused our inventory levels to remain so low that we only have about 20 days worth of homes left in the market. We are left with only 0.66 Months of Supply in the market. (This means if we had no more homes enter the market, we’d sell through all the available homes in less than 3 weeks!)
With the continued demand from Buyers, and a continued lack of homes in the market, we should see Peak Pricing for Homes during the rest of this Summer Selling Season.
You can see from the chart below that this summer’s “Peak” number of homes in the market is actually lower than the 2019/2020 winter season, which is usually the time with the fewest number of homes on the market. This is highly unusual. Add on top the fact that our “Sales” are basically matching last years numbers (and July’s numbers could go even higher), and I still expect more upward pressure on home prices this year.
In June, our average sale price reached a new record high of $339,082. With a a Median of $270,000, it seems these higher prices are here to stay across Washington and Benton Counties.
What it all Means for You
If you’ve been thinking of selling your home, right now is a historically good time to do so. These market forces continue to push prices higher and higher across our region.
And even though the prices are already high, my clients been using my Preparation Plans and Top-Notch Marketing, and have been getting offers at $10,000, $20,000, even $30,000 over the average sales prices for their neighborhoods.
To see the strategies we’ve been implementing, Watch my “Pre-Listing Price Accelerator” Guide Here and see How To Maximize Your Home Sale. It will walk you through everything I’ve been doing to get these amazing results for my home sellers.
But then you run into the problem of finding your next place. Understandably, many potential home sellers have decided to stay put because they don’t think they’ll be able to find their next home with so few on the market. And that’s the big issue, the main problem to solve this year.
For this reason, I’ve put together a program to find “Hidden Inventory, Off Market Homes” for my clients.
This is my #1 Strategy to get you and your family out of your current home and into your dream home. Let’s see what we can find together!
Just click here to learn all about the “Hidden Homes” Move-Up Program!