Here are the latest news and numbers for our real estate market.
The latest numbers are in, and here’s what they have to say about the state of our real estate market.
First of all, we had 2,013 new listings added to the market in June. In May, we had only 1,659 new listings, so the increase was encouraging. There has been a real problem with inventory lately, but we’re closer to where we should be now.
That didn’t slow down the market any, though. We still had 819 pendings in June. Our absorption rate, or how long it would take to sell all the homes on the market, is at just 2.5 months. This puts us in a strong seller’s market.
Despite the unemployment rate and pandemic, we still have pretty strong demand here in Cleveland. As a result, prices have gone up. Our average price is now approaching $200,000 in Cuyahoga County, while the average days on market has dropped to just 50 after peaking at 70 in January.
These are all signs of a pretty healthy market. What is the upshot of all of this? If you’re thinking of selling, you should do it. Even if your home needs work, the market is really in your favor right now. While COVID-19 concerns are definitely justified, we have been helping keep our clients safe throughout this pandemic and can help you do the same.
If you have any questions for me about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.