Today I’m going over the market facts so you know what’s happening in real estate in our area.
In February 2020, we had 4,623 listings on the market. Currently, in February 2021, we have 3,062 listings, which is a 33% decrease in inventory. This astonishing drop indicates we’re in a seller’s market.
Another crucial point to look at is the number of pendings. In January 2021, we had 238 pendings. When we compare the number of pendings to active listings, we find that we have 2.5 months’ worth of inventory on the market. In other words, if we didn’t add a single home to the market, we’d run out of houses to sell in Cuyahoga County in 2.5 months; that’s a very fast market. For perspective, four to five months is considered a balanced market, and six months and over is considered a slow market.
Due to these two factors, prices are rising; we had a bit of a pullback in January, but that’s to be expected right after the holidays. We’re in a strong market, so if you’re considering selling, why not benefit from historically low inventory to get your property sold?
There’s also another astounding data point these days: interest rates. Right now, the interest rate for a 30-year fixed loan is 2.99%, which is crazily low. If you get a 15-year fixed, the rate is at 2.59%. These interest rates would normally signify a buyer’s market. If you’re thinking about buying, you should consider taking advantage of these great rates.
Today’s market is opportune for both buyers and sellers, so if you’re contemplating a move, now may be the time.
If you have any questions about our present market or concerning real estate in general, please call or email me. I would love to help you.