Where are we today in the real estate market?
The Lake Country has seen a real boom in the market. Prices of homes that are selling are prices we have not seen in the past 27 years. Sellers are seeing their homes appreciate and buyers are taking advantage of the low interest rates and coming to this beautiful Lake Country and buying their dream homes. Here are some stats from our Local MLS Real Estate Board.
Date Range: 5/1/2021 - 6/30/2021
All Homes sold in Greene & Putnam County
Total Listed: 203
Total Sold: 177
Total Percentage Sold: 87.19%
Average List Price: $671,689
Average Sold Price: $653,968
Days on the Market: 71
We will most likely be seeing a decrease in homes sold. It is not because of lack of buyers we are seeing an all time low in homes being listed. The buyers are still out there trying to take advantage of the low interest rates and desire to move to less populated areas. Sellers, if you are at all in the market to sell, this is the time. Your home will bring top dollar.
“Despite growing home prices at the fastest rate on record, the federal reserve continues to support the housing industry by buying $40 billion in mortgage bonds every month. The housing market is still far from normal, with inventories down over 38% year over year and at historic lows.
The current supply of homes on the market is at an all-time low, dating back to the turn of the century. Due to a lack of supply and decreasing interest rates or borrowing costs, home prices have continued to rise in double digits. With the recovering economy, more buyers are entering the market. And, because there is still a limited supply of housing inventory, home prices continue to rise even in a low-interest-rate scenario.
However, the latest market trends (seen in May/June) points to a shift in real estate activity, implying that we may have passed the peak of this hot housing market. According to Realtor.com, the decline in time-on-market has slowed for the first time in nearly four months, indicating that some properties are sitting on listing portals for a little longer. These market trends point to a positive development for buyers as we enter the crucial home buying season of 2021.” (Norado Real Estate Investments- Marco Santarelli)
Readers: We do not anticipate a decline in the real estate market at Lake Country. We are still seeing an active market and the buyers still find this area unique. With The economy improving, people working from their homes, and the millennials entering into their peak years to buy a home, this will fuel a residential housing boom.
THOUGHT FOR THE DAY: Everyday may not be good, but there is something good in every day.