We’re all in a jubilant mood these days.

Masks are coming off.  Restaurants are Fully Opened.  Theatre is Returning.  Concerts are on the Calendar!  And the Real Estate Market has come roaring back.  Here’s a little tune to celebrate:

The market hit the bottom around November 2020.  You can see where I called it HERE.

In the meantime, for the last seven months, inventory has been falling.  It is finally at the same levels where it was in May 2020.  You can see that, across the board, inventory has completely retraced to its former levels.   Take a look here!    Every neighborhood, every price point.  The rubber band snapped back.

The key distinction between pre-COVID and today is that transaction volume is up SO MUCH compared to then.  So even if the number of properties on the market is slightly higher than pre-COVID, there’s far more turnover than then.

Just because inventory has returns to that level isn’t indicative of pricing, necessarily.  But what we have ALSO found is that pricing has completely returned to Pre-COVID levels.

For us, this means that we are able now to ignore much of the 2020 “steals” and instead refer to 2019 sale prices for guidance to price new listings.  As we have more and more listings closing- considering that March saw over 1500 units go into contract, the most monthly since 2006, we should start to see these sale prices print en masse in the next 30-60 days.

Once this happens, we can confidently price the market with lots of comparables.  It’ll be far more data-driven than it’s been in years!  This leads to more confidence and market momentum.

Very good news for buyers and sellers who have been on the sidelines.  The market is better than it’s been in years, AND the pricing is still DOWN!

Time to saddle up! -S