Here’s what the fall market typically looks like minus the pandemic.
We’ve reached the fall season! Traditionally during the fall market, things begin to slow down somewhat. Since COVID, however, we haven’t seen anything traditional about this market! Today let’s take a look at what the fall market would usually look like without factoring in 2020.
First, we’ll look at the highs and lows for active, pending, and sold listings throughout the year. The peak of closed listings occurs in the third quarter. Why? Because most of the listings are taken during the second quarter. Pendings also peak in the second quarter because there are simply more homes to look at. The first quarter is the worst part of the year for closed, active, and pending listings.
Right now, we’re seeing fewer active listings in August compared to July and July compared to June. That’s a seasonal trend, and though 2020 threw that all out the window, we’re getting back to the point where that trend takes hold again.
Even compared to 2019, there are much fewer listings on the market. I foresee this fall being typical in that there will be a slowdown, but we’re still going to have a historically great market. Zillow predicts that we’ll see double-digit appreciation. CoreLogic and the National Association of Realtors predict that we’ll experience high single-digit appreciation. I agree with the latter, except in problem areas downtown like Pearl District condos and Old Town.
Overall, the market is phenomenal. I don’t foresee interest rates going up at all; affordability isn’t quite what it used to be, but compared to renting, affordability is still very strong due to our low rates.
If you have questions about our market or real estate in general, call or email us. We would love to help you.