Today we’re sharing a few graphics from our company, Berkshire Hathaway Homesale Realty, that looks at some of the company’s market statistics from June 2020. These offer a good look at what has been happening in our local real estate market here in Lancaster recently.
As we’ve been sharing across our social media outlets, many homes have been selling very quickly, and often seeing multiple offers and offers above asking price. In the graphics below you can see that the average sales price for June 2020 is 12% higher than that of last year.
Interest rates are also lower than last year, which makes now still a great time to buy. These graphics also show that listings available and listings sold are lower than last year. This indicates that the number of homes available – what we refer to as inventory – is low. This has created some challenges for buyers who are looking and ready to make a quick move.
As always, we recommend having an experienced agent to represent your interests whether you are buying or selling a home (or both)! Having the right realtor can help sellers choose the right price for their home, and navigate marketing and negotiating offers. The right realtor will assist buyers in knowing about homes as soon as they hit the market, writing compelling offers, and representing your interests throughout the process.
Real estate so far in 2020 has certainly looked different than we anticipated, as just about everything else in life, but homes are still selling and if you’re looking, a move is definitely still possible!