Relatively speaking, a big jump up in inventory again! (Though it continues to be a seller’s market.) National migration continues, which may keep our local market functioning similarly to how it did in Q1 2021.
How is the local market as an aggregate?
6/13-6/20, 2021
Incredible week!
Last week, our new inventory enormously surpassed the inventory numbers for the past three years.
Under-contracts were far above 2018 and 2019 numbers, but below 2020.
Our month’s supply of inventory was also higher than the past three years.
Our year-to-date under contracts surpassed the last three years.
All together, this indicates strong seller confidence and still a strong seller’s market, with buyers having a bit of an easier time.
Our overall under-contract number is excellent to see, as it is in huge contrast with other parts of the country that have had inventory so depressed that they’re not hitting to hugely missing their historic under-contract or sold numbers.
*Data nerds, click the chart
How Is The Local Market
By Price Band?
There was excellent activity with both buyers and sellers in the $2-2.5 and above $2.5mm, with a 100% sell-through rate.
Below $2mm, the market was slower, with hopefully a bunch of good inventory in the $1.5-2mm band and below.
*Data nerds, click the chart
National Real Estate Trends
Housing Market Update: National Migration Trend Continues
We just learned that 31.4% of buyers in April and May expected to change metro areas. This number is consistent with what we saw in Q1 of 2021, and it is 4.4% over this time last year.
This sustained interest in migration (even with offices opening up/vaccinations) is important because non-local buyers typically have a 30% bigger budget than local buyers. Non-local buyers are frequently creating upward price trajectories. So, it is likely that we’ll continue to see our market behave somewhat similarly to how it did in Q1 this year, with possibly some diminished activity because of summer.
