National Association of Realtors (NAR) recently conducted a survey to learn about the housing market’s recovery process across the nation.
After a slowdown in March and April, which is typically the time of year when real estate sales pick up, NAR’s 2020 Market Recovery Survey shows what real estate agents are currently experiencing across the country.
Below, we review NAR’s findings for residential real estate and compare them to what we are seeing locally in Connecticut.
Of the respondents polled, 92% of real estate agents indicated that the buyers they are working with have either returned to the search or never left the market.
In Connecticut, One + Company agents have seen high buyer demand as well. According to Showing Time, the number of real estate showings has been on the rise since April. As of July 12, the number of showings is up 27.1% from 2020’s pre-pandemic peak, and up 39% from this time last year. These numbers indicate an increase of buyers who are currently searching for a new home.
Now, let’s focus on sellers. In NAR’s national survey, 89% of respondents stated their sellers either returned to the market or never left the market. However, this does not mean there are as many sellers as there are buyers.
SmartMLS data, which covers all of Connecticut, shows the number of homes for sale has been on a decline for years. The graph below shows there were 27,350 residential properties for sale in January 2015. In June 2020, that number is down to 18,005.
What Does this Mean?
High buyer demand, coupled with low inventory, means that property values have increased. In January 2015, the median price for single-family homes and condominiums across SmartMLS was $230,000. In June 2020, the median price rose to $255,000.
If you have been thinking about selling your home, now may be a perfect time!