Weekly Special | May 31, 2020

Year Over Year Home Sales Plummet

Year over year home sales fell significantly in May after having done so in April as well.

While it is jumping the gun to report year over year home sales (May 2020 closings versus May 2019 closings) this early in the new month, my experience has taught me we won’t see enough late-entry sales in the MLS to change the narrative of this report.

If it wasn’t clear the pandemic was impacting home sales before, it certainly is crystal clear now. But the causation is not what many might expect though.

There are buyers ready to go with not enough homes for sale. Right now, a whopping 50% of ALL homes listed for sale under $300K are already under contract with buyers, and if there were 1,000 more, half of them would be under contract too.

Sellers who deploy an aggressive, multi-channel marketing plan are selling their homes in days (if not hours) in this strong seller’s market that is in dire need of additional inventory. If you want to move, now is the time. We can move you safely.

The original one-page Weekly Special PDF is still available.