Early 2020 Market Trends
We are a market driven economy. Housing is no different in any other product or commodity out there. Like any other market it is determined by the supply homes and demand for homebuyers. This makes it important to look at how many potential purchasers are in the market and how that stack shift against the available homes to buy. We are far enough into 2020 that we can start viewing the data as it becomes available. It is rapidly becoming quite evident there are two big stories impacting this year’s residential real estate market:
1. Buyer demand is already extremely strong
2. Housing supply is at a historically low level
ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index reveals how showings have increased in each of the country’s four regions for five months in a row.
Move.com also just released information indicating that the number of homes currently for sale has declined rapidly and now sits at the lowest level in almost a decade. They explained, “National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com began tracking the data in 2012.”
In response to these numbers, Danielle Hale, Chief Economist at realtor.com, said, “Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”
Are you interested in talking with any of our friendly team about purchasing or selling? You could be incredibly surprised by the current value have your home any equity you have accrued. Why not give your Oly Pen Real Estate Team a call today at 360.249.8187 or stop by our office 141 S. Main Street in friendly Montesano, WA and discuss your expectations today!