I can’t believe it’s been over a month since the state started to re-open after the lockdown due to COVID-19. The data is in for May and you can definitely see the impact those initial weeks of lockdown have had on the real estate market.

The number of home sales that occurred in May were 44% lower than the same time last year! That is a big drop in sales. But more importantly is the number of pending sales. Although they are down a little from this time last year; they have picked right back up and it is the 2nd highest number of pending sales since last summer!

What does this mean? Pending sales are always a great indicator of which direction we are going because it is basically like looking into the future at what will actually close in June or July. With this peak of new pendings the market is headed right back to where it was pre-lockdown. The other important factor keeping our market so strong, and still maintaining in a “seller’s market”, is the fact that the listing inventory remains so low. It is actually down since the same time last year! With such low inventory, historic rates (and I mean historic!! the AVERAGE rate last month was 3.22%) and so many homes going pending it is likely the prices will continue to remain strong.

If you have a need to sell, now may be the time to get moving and take advantage of these sky high prices. This may be the top of the market.

Call us today to learn how much equity you have – It may be a lot more than you think! 407-982-7240 Or Download our FREE guide to buying and selling simultaneously. Text BUYSELL to 407-641-2888 and learn how to cash out your equity and upgrade into a new home.

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