We give you all the numbers about what happened in Q1 of 2021.
Today we’re going to give you all the numbers about what happened in Q1 of 2021. I want to talk about the numbers of Q1 in 2021 and what the market is really doing compared to 2020. Let’s start with the numbers I like to pay attention to.
1. New listings on the market are down by 10.7%. That means we had 200 fewer homes come on the market in the first quarter of 2021 versus the first quarter of 2020.
2. Number of closed sales. In other words, the number of homes that are being bought is up almost 11%. That’s another 200 properties more in Q1 of 2021 versus Q1 of 2020. That means the market is getting squashed. It’s getting tighter.
3. The number of days on the market. You would think if the market’s getting tighter, this number is going down, and it is in a dramatic fashion. It is down almost 25%, to an average of 73 days. This measures the time from when the house is listed to the day it closes. The majority of that time is taken up in the process of getting it closed after it goes under contract.
4. The percentage of the list price that the seller is receiving. This is another number that can indicate how tight the market is. It went all the way up to 98.2%. There has been little or no negotiation when buyers buy homes.
5. The month supply. The National Association of Realtors tells us that six months or more supply means you’re in a buyer’s market. That means you have more inventory than you do buyers, and buyers are able to take advantage. Six months or less means you’re in a seller’s market. We’re now all the way down to two months of supply. I’ve never in my 25 plus years seen it that low. If you’re a buyer, you want to be ready. You want to get yourself pre-approved and you want to be ready to move quickly. Be ready for maybe a little frustration. You might get involved in multiple offers if you’re a seller.
There’s never been a better time to get your home on the market. You’re able to maximize the dollars that you’re going to get and shorten the amount of time that you’re going to be on the market. If you’d like to know how you fit into this market, how to best position yourself as a buyer, or best position yourself as a seller to take advantage of this market, give us a call and we’ll be more than happy to sit down and have that conversation with you to make sure you make the right decisions.