The start of the 2020 real estate market has been unlike what any of us expected. Here are the eye-popping numbers you need to know from January:
- We had 9,714 homes come on the market, a 12% decrease from what we saw in January 2019.
- We had 14,575 homes available for sale, a 28% decrease from last year.
- Home sales are up 18% from 5,471 to 6,455.
- Months of inventory is down 39% from 3.68 to 2.26.
What is going on? It’s unbelievable, but interest rates have dropped even further. The average 30-year fixed rate right now is 3.5%, and 15-year rates are close to 3%. A lot of buyers want to purchase and take advantage of this, but there's not enough inventory. As a result, prices are increasing and multiple offers remain common.
This can make things a bit challenging for buyers because things are so competitive. However, if you know someone who is buying or selling, we can help. If you want to know more or know anyone wanting to buy or sell real estate, give me a call on my cell phone at (602) 738-9943.