It’s been a while since I’ve shared market statistics and, as you might have heard, the real estate market is H.O.T. I know I’ve shared this before, but this is “Supply and Demand” at work. Low supply and high demand pushes prices up and that’s what we’re currently seeing in Franklin County. The stats for June are somewhat misleading, in that we see the total sales for the month are down nearly 28% over last year. This is a lingering effect from the quarantine since Realtors weren’t released to do business until late May. A couple of numbers to pay closer attention to on the report are active listings, down 44%!, pending sales, up 21%, and average price of a detached home, up 13% in June over June 2019. With interest rates the lowest in history and demand still strong, I expect this trend to continue. If you are a buyer, it means have your pre-qualification in place and be ready to compete when you see a home come on the market that meets your needs.
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