8101 COnnecticut Ave Unit S506 Chevy Chase, MD 20815 | Sunday March 28th 1-3PM
2 bedroom | 2 Bath | Plus Den | 1644 sqft
Listed at $685,000
Click HERE for more information or contact Laurel directly @ 301.500.6281
Based on compiled data from more than six million property showings scheduled across the country, Home Buyer Demand jumps 98.4% in the West as traffic grows again nationwide.
- March 24, 2021 – Dwindling inventory was again met with an outpouring of buyer demand throughout the country in February as an unprecedented 75 markets reported double-digit growth, according to the ShowingTime Showing Index®
- Nationwide, buyer traffic jumped 49.5 percent, continuing a trend of national year-over-year growth in buyer demand that began in May 2020.
- “In March and April, year-over-year comparisons will be less meaningful as the onset of COVID-19 in 2020 drove showing traffic down in those two months, but on a month-to-month basis we’re still likely to see further seasonal increases in demand, taking us further into this unprecedented direction. We expect that this will correlate with continued broad increases in prices.”
Where To Spend All That Savings | An Opportunity To Build Wealth
- Americans have saved $1.6 trillion since the pandemic started, per the Commerce Department.
- That’s roughly half of overall global savings during the pandemic, and the same as South Korea’s GDP.
- It’s also greater than the output gap, or economic hole created by Covid-19, signaling a coming economic boom.
Experts are currently projecting 4.6% growth for US GDP this year, per Bloomberg. If Americans spend all the money they saved in the past year, that could jump to 9%; whereas if they don’t, the GDP forecast could drop to 2.2%.
The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.
According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state:As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.
NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.
What does this mean for buyers and sellers?
Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.
Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.
The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.
These real estate markets reported record-setting activity in 2020, despite enduring a weaker spring market due to social distancing protocols.
The following analysis of the Washington, D.C. Metro housing markets has been prepared by Bright MLS and is based on December 2020 Bright MLS housing data.
- In 2020, the total sales dollar volume for the D.C. metro reached $34.6 billion (+11.7%).
- Total sales volume for the year (57,266) ended up 3.3%. Seven months of the year marked ten-year monthly highs.
- New listing volume was essentially flat with 2019. Combined with strong buyer demand, it created the region’s tightest market on record.
- The year saw buyers snap up homes across the metro area, as days on the market fell into the single digits for the first time (nine days).
- In December, new pending sales showed an unprecedented year-over-year growth, up 30.3% in a traditionally slow month. It was the best gain for any month in the past ten years.