How Does Our Q2 Market Compare to Last Year?

Within the four ZIP codes we typically cover, 585 homes were sold, which is 19% less than Q2 of 2019 but 20% more than Q1 of 2020. Around 330 of the properties sold were single-family homes, while condos accounted for about 250 of them. The number of single-family homes sold is down by about 24% compared to Q2 of 2019, and other types of properties dropped by about 10%. In terms of inventory, we have about three months’ worth across all property types—an all-time low. That means when correctly priced homes hit the market, it puts upward pressure on prices. The not-so-great news is that buyers in the market are getting frustrated since there just aren’t that many options to choose from. However, in much better news, we’re seeing 2% mortgage rates across all loan types, which is a historic low as well. If you look back in time to 1971 when Freddie Mac first started tracking rates, you’ll find that rates have never been this low. As such, our message to you, if you’re not a homebuyer or soon-to-be seller, is that you can also talk to us about refinancing. We can introduce you to one of our area mortgage partners who can help you save a bundle of money and trim a few years off the life of your mortgage. For single-family homes in Q2, the median price and the average price increased by 8.2% and 3.5%, respectively. That’s a slow and steady climb that we love to see in our market—they’re consistently growing, but not crazily so. For condos, the average sale price grew by 90%. Our unit count for this June is 2% higher compared to June 2019.

"If you look back in time to 1971 when Freddie Mac first started tracking rates, you’ll find that rates have never been this low."

If you have any questions about the market or need advice about proceeding with your purchase or sale, don’t hesitate to reach out to us. We’d love to help you. P.S. If you’d like to sign up to receive our quarterly market report, click here and fill out your contact information!