Despite the unusual circumstances our community faced this summer, the real estate market continued to perform very well for both buyers and sellers in the third quarter. Speed was required on the part of many of our buyers. Homes sold very quickly over the past three months, often selling the same day they were listed for sale. Coupled with the lowest interest rates in the country’s history, it was a fantastic period to buy a home. Heading into the winter months, inventory is lower than anticipated. This makes it a great time to research what the market could bring on your home.
The third quarter delivered the highest number of sales and contracts so far this year, including some of the most active monthly totals in decades. Market activity peaked in July, making it one of the busiest months around the office in recent memory. Despite the unusual circumstances, market activity is in good shape through nine months of this year.
In the world of real estate, time on market is a closely watched metric. It shows us the speed at which we must act to assist our clients. This summer, we acted fast as the median days on market reached 27 days. Many homes were under contract the same day they were listed! This winter, it will slow down as usual, but buyers must be ready!
Interest rates have stayed at historic lows throughout the year, now coming in at under 3%. For context, just over 12 years ago, you’d be paying twice as much interest on a mortgage as you would today. It is unquestionably a great time to secure a mortgage on a home!