By Mike Bodeen · 21 June 2021
June 20th! Summer officially began. The Longest Day of the Year. The good news is that the days begin to get shorter – it just won’t feel like that for the next three months.
With so much that’s been negative it’s hard to determine the ill-effects of our prolonged lockdown. May it never happen again.
Though summer begins its death march till Halloween, there’s a lot to be positive about. Covid is nearing its end. Lockdowns are unlocking. People are getting out and are having fun at local swimming pools. Vacations are happening again. Jobs are available if you’re looking.
Ten years ago, our buyer’s market bottomed out. It’s been uphill since then but it’s gotten out of hand to the other side, as pendulums often do. Is it possible that the seller’s market has now peaked? Maybe. Maybe not.
Good things are SLOWLY happening in our local real estate market presently. To get some perspective, let’s look back at what was happening in the valley real estate market one year ago? Two years ago?
Looking at the above numbers, I included stats from two years ago which was closer to a normal market. Inventory (15,891) was healthier, but definitely declining at a stead clip. Days of inventory (61) though less than preceding years, were reasonable. Appreciation rates back then were around 5%. Our average sales price was $350,000.
As faithful readers of Mike’s Monday Market Snapshot, you’ve been witnessing a recent microscopic turning of the market in favor of buyers (still heavy advantage to seller). Supply (listings) is increasing and that’s good. Radical market changes are not healthy for the overall market. A steady change back to normalcy can help everyone, but can it happen? Time alone will tell.