Lochwood Market Update | July 2020

Hello again!

I am going to start my blog a little differently than I normally do because I want to let you know that I am doing a drawing for Target gift cards. This is a great chance to stock up on anything and everything you might need for your home. You’ve got to be in it to win it, so click here to register. Don’t worry, you won’t be spammed when you register. You are already on my email list after all. Now, onto our normal business….a dive into our neighborhood home sales.

Last month talked about the strength of home sales in our neighborhood market, and I forecast that June 2020 sales would outpace June 2019 sales. Well, I was right. Overall, 20 Lochwood home sales closed last month. The only month that there were more sales, within the last 10 years, was May of 2013. Several of the homes that sold had been previously listed and failed to sell. Those home are marked with an asterisk on the full list of June sales below. Please remember, the price I am posting is the price per square foot. If you’d like to know the full sale price of a home on this list, please call me because I cannot publicly disclose sale prices.

The supply (inventory) of homes for sale remained well below 2019 levels. Supply has hovered around 2 months since February of this year. Most economists believe that 6 months of inventory reflects a market that is balanced between seller supply and buyer demand. With only 2 months of inventory, and half of June sales closing at 100 percent or more of the seller’s asking price, we are clearly in a strong seller’s market. Looking ahead, July 2020 sales will also outpace July 2019. Days on market will be about the same and we will likely see the median sale price increase from $385,000 to $400,000.

What are we to make of all of this positive news? Well in short, it’s a great time to sell your home. Interest rates are historically low, and buyers are out in droves taking advantage of “cheap” financing.  Inventory is very low, so buyers have fewer options from which to choose. Depending on their overall confidence and desire for a home, they may pay over list price for a property. Again, what a great time to be a home seller in Lochwood!

There really isn’t much more to say this month. These numbers speak for themselves. In closing, I know that many of you have said that you’re not really interested in selling at this time. I get it. Moving is not exactly convenient and it’s a big change, which can be challenging. However, if it’s something you’ve even contemplated, let’s talk. I’ve worked with all kinds of people in all kinds of different circumstances. I will listen, honestly assess your situation, and work with you to achieve your objectives.

Thanks for your time, your calls and referrals, and don’t forget to register to win a gift card from Target.

Have a great day,