Hey Britt! How’s the Market?
Earlier this summer, we looked at how the traditionally busy spring market had shifted into the summer months and buyer demands have changed, making outdoor space, home offices, and a sense of community the top priorities. We saw our sellers thrive this summer with multiple offers, bidding wars, and contracts without contingencies.
820 Herbert Springs Rd.
This August, home sales climbed to 2006 housing boom levels, despite the COVID-19 pandemic. If we’ve said it once, we’ve said it a million times... this is truly a seller’s market. Housing demand is growing. Compared to 2019, existing home sales prices climbed 18.4% and housing inventory is down 18.6% from a year ago.Factors Driving the Market:
- • Fear of isolation
- • Low interest rates
- • Lifestyle
- • More time at home
- • Change in needs from the home
- • First time home buyers
7801 Southdown Rd.
We’re also seeing major price changes in new construction as well. There is a huge surge in lumber prices due to the California wildfires and mills being closed earlier this year. Lumber framing costs are up 110% since April 2020. Because of this, new construction prices in 2021 will be even higher to meet the demand and building costs.Median Sales Price Changes Year to Date by Zip Code:
| 22307 | +17.5% |
| 22304 | +13.5% |
| 22306 | +12.3% |
| 22311 | +11.7% |
| 22309 | +10.3% |
| 22308 | +9.6% |
| 22301 | +8.7% |
| 22305 | +8.6% |
| 22302 | +6.0% |
| 22314 | +3.5% |
If you are thinking about putting your house on the market, we encourage you to give us a call. We’ll be happy to walk you through what’s happening in your specific neighborhood to help decide if selling your home right now is the right choice for you!