June 14, 2017 Sue Dermott

Tuesday Tip: June 13, 2017 May real estate numbers

So, it’s a quirky real estate market right now. We saw inventory climb about 20% from April to May in our local area, yet the number of homes in escrow was relatively flat (even down a smidge) with March. The good news is, in June, we’ve already seen more homes go into escrow than for all of May and it’s not even mid-June. So the market is picking up; as more homes are coming on the market, more homes are selling. Yay! Right now, June inventory is about the same as in May. Now, here’s the quirky part…the buyers. Maybe not so much quirky as they are being choosy about what they buy. When I talk with real estate colleagues, we are consistently seeing homes that are fully renovated sell quickly and many with multiple offers. Homes that are not updated are sitting. Sorry to report that. We tend to think it’s because most buyers want all the work done so they can just move in and enjoy life. Renovations and dealing with contractors isn’t always easy and so even if the price is lower to “compensate” for it not being renovated, buyers aren’t biting. And those homes are just sitting. We are seeing more buyers and relocations now that school is out and summer is underway. Hoping homes will sell as buyers want to be in and settled before the Fall. Keep your fingers crossed!

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