Here are the stats behind our market’s astonishing recovery as we push into Q3.
In April, market activity came to a screeching halt, as evidenced by the graph at 0:25 in the video above; by the second week of that month, the number of people applying for a loan decreased 30% from what it was the year prior. However, as we reached mid-May and carried on through late July, purchase applications increased year over year as cabin fever spread. Those 11 consecutive weeks of year-over-year purchase application increases were a big driving force for the market, especially our local market; this buyer demand doesn’t seem to be slowing down, either.
At 1:02 in the video you can see a graph displaying the year-over-year change in listings. Though new listings reached a peak in early July, then dipped down, we’re now seeing them sneak back up slightly. A lot of folks are still hesitant to put their home on the market given the uncertainty around finding their next home. If you’re a homebuyer, we understand your struggle to find a property right now. This difficult market is precisely why you need a top agent on your side helping you get an edge and source better deals amid our low inventory.
Check out the surge in urban high-end listings charted at 1:43 in the video. People are fleeing densely populated urban areas right now, and cities like Chicago and Indianapolis are seeing a 45% and 40% year-over-year increase in these types of listings respectively. Folks are looking to capitalize on the low interest rates to buy property in which they can sprawl out and comfortably spend the next eight to 15 years. A healthy high-end market is indicative of a healthy overall housing market. Despite recession fears, this sector is holding up remarkably well.
Larger real estate companies and market research firms typically known for their reluctance to comment or speculate have been uncharacteristically expressive about our current market; here’s what some had to say about it:
- “Shockingly strong” - HousingWire
- “[Our market] has been nothing short of remarkable” - Meyers Research
- “[It] stared the pandemic right in the eye and hasn’t blinked’ - Zillow
- “An astonishing rebound” - Realtor.com
There’s a ton of active buyers who still need options, so if you or someone you know is thinking about selling soon, contact us. We’d love to be your referral source for life. As always, reach out to us by phone or email if you have other real estate questions or needs. We look forward to hearing from you soon!