This is a monthly contribution to the Blog by local realtor Doron Weisbarth.
The real estate spring sale is just beginning, and the market seems to be gaining even more speed. This is evident both in our region as a whole, as well as in our Phinneywood neighborhood. The sample size for our neighborhood may be small, but don’t let some of these number fool you! While there were nearly 60% fewer new listings in March, there were also 65%more homes that received offers and went ‘pending’. That means that nearly every home out there – new or old, good or bad – is being‘devoured’ by the buyers. This is true for both single family homes (SFH) as well as condos. In fact, in some ways the condo market is more robust than the SFH market, possibly because, in real numbers, condos are still affordable.
Look for these market trends to continue into spring and probably into summer. Despite the pandemic still causing havoc in many ways – and perhaps because of the pandemic – demand is still extra strong, supply is still extra weak, and neither seem to have reason to change any time soon. Until at least one of these economic forces changes direction in any significant way, we’re gong to continue experiencing the strong sellers’ market.
Check out the entire April Report here.