During the social distancing and the stay at home orders businesses in the real estate industry stepped up to make sure transactions went as scheduled.
During the month of April, there were a total of 142 homes that were sold and they sold within an average span of 29 days. That is less than a month for a timeframe. Can you say fast? The average home prices are slightly over $300k and this supports then the argument that we don’t have a high inventory of homes within the $180k to $260k demanded value. We have a seller’s market and this has been the case for over a year now and this is attributed to the high volume of folks moving to the area from States like Colorado, Nebraska, Oregon, Texas, etc.
There are a number of activities that have to take place for a home to sell as quickly as one month or less. A number of external factors have to be happening and one of them is the low-interest rates. This causes an increase in demand because more individuals want to buy a home or even refinance. This combined with the increase of in-migration puts pressure on the seller market to produce a solid inventory. Another factor is an assortment of qualified buyers has to be right for the inventory available. This can be a challenge at times and therefore there have to be a number of newly constructed homes on the horizon to meet the future need of housing. Chukker Ridge is a new development, the extension of Saddle Ridge, Harmony Valley, Whitney Ranch, Jordan Pasture and the Sweetgrass Development are all in the pipeline. These upon completion will hopefully alleviate some of the pressures in the market and stabilize the selling prices for buyers.
If you would like more information about the performance of the housing market or are interested in buying or selling, please give us a call at 307-635-0303.