Market Snapshot: What You Need to Know-May 2021
The market continues to be frustrating for buyers. Available inventory in the month of May fell to a new low. When comparing the amount of available inventory to April of this year we see a massive drop but as you can tell by the graph it follows a trend that we see about this time every year. In 2020 the amount of available inventory fell 30% from April to May. This year, the amount of available inventory fell 46%. What we do see this year that is different is the amount of available inventory is steadily declining. If you are a buyer and you find a house you are interested in, you will have to move quick or risk losing it. Sitting and waiting is not an option for buyers in this current market.
It is difficult to judge year over year trends as this time last year we were still in the middle of a shutdown due to the Covid-19 pandemic. Last month we saw a spike in new listings that rivaled pre-pandemic amounts. This is possibly due to sellers that were on the fence seeing the increased prices and lower days on market and jumping at the chance to sell at a high point. This growth slowed last month significantly as the new listings fell again back to what they were during the pandemic shutdown.
When it comes to looking at the data for closed sales, comparing year to year totals is a little deceiving since the shutdown began in March of last year. This will have an affect on closed sales in April of 2020. It this instance it is better to compare month over month totals. Month over month, we have seen a steady growth in the amount of closed sales. This shows a market that is struggling to become active despite low inventory numbers.
The lack of available inventory continues to drive up prices and creating bidding wars on the available homes for sale. When compared to previous time. In fact, many buyers are being priced out of St. Johns County and have begun looking at surrounding counties. First Coast Realty has agents that specialize in 5 of our surrounding counties.
So What Does This Mean For Buyers and Sellers?
So what does all this mean? Thanks to low inventory sellers are selling at 100% of list price in an average of 25 days. If you have been wondering when is the time to sell, the time is now. let the market leave you behind. Call First Coast Realty to receive a complimentary Broker’s Price Opinion.
Buyers, the market continues to climb. Make sure you get all the facts before you begin to shop. First Coast Realty has a team of network individuals standing by to make sure you dreams of homeownership become a reality.
Whether you are looking to buy or sell, First Coast Realty would welcome the opportunity to earn your business. Feel free to reach out to us on Facebook or Twitter and we would be happy to assist you in getting the ball rolling. Or, to talk to a qualified, experienced agent call/text today 904-494-8408 or email firstname.lastname@example.org