Generally speaking, market activity — as measured by the number of listings going into contract — continued to pick up rapidly in May, bouncing back from the plunge following the first impacts of COVID-19. Activity in May still remained somewhat below May 2019, but it is expected the recovery will continue to move closer to normal. In fact, based on the strength of buyer demand, some analysts believe the coming months may be busier than in 2019, as sales activity that would have occurred in spring gets pushed into summer instead. The expectation is that spring, traditionally our biggest selling season, will be deferred until summer with an increase in sales volume.
Adding to this expected momentum is Interest rates, which hit another historic low at the end of May.
As always, | hope you find this market report of interest and that you and your families are safe and healthy, particularly during these challenging times. If | can be of any assistance to you with your real estate needs, please feel free to reach out to me.
"Do the best you can until you know better. Then when you know better, do better.- Maya Angelou