- July was competitive for buyers (42% multiple offers, 69% selling in two weeks or less) and busier than the prior year (pending sales for July were up 16%) as expected.
- 57% of listings entered in the last three days contained a offer review date.
- While the pandemic continues on, real estate has recovered to 2019 levels. Number of pending sales represent current activity and are a good forward indicator:
- April 2020 vs April 2019 – down 52% in 2020 vs 2019
- May 2020 vs May 2019 – down 25% in 2020 vs 2019
- June 2020 vs June 2019 – up 6% in 2020 vs 2019
- July 2020 vs July 2019 – up 16% in 2020 vs 2019
- Last month, we suggested that July 2017 statistics would be a good predictor of how fast paced July 2020 would be. The trend was correct, but July 2020 fell a little short of 2017:
- 42% of properties sold for more than the original asking price in July 2020 vs July 2017
- The median amount paid over the original list price was 4% in July 2020 vs 6% in July 2017
