In normal years, Spring is the hottest home buying season of the year for most markets across the country.
But I don’t have to tell you that 2020 isn’t a normal year—and as a result of the COVID-19 shutdowns, the peak home buying season hit a little late this year.
According to recent data from realtor.com, pace of sales, demand, and prices in August have all surpassed data from this time last year, with homes selling four days faster than August 2019 and median listing prices up 9.4 percent. And the Housing Market Recovery Index, a realtor.com index that measures the recovery of the real estate market in the US, hit 103.8 for the week ending August 1—which is 3.8 points above the pre-COVID baseline.
The last several years in Mammoth Lakes, properties have sold pretty consistently throughout the year. 2020 has definitely been “different” in the fact there was very little activity March through June. Starting in July, things got a little crazy and more properties have sold (or are under contract) than the previous 6 months combined. This includes condos and single family homes.
What does this mean for you? While COVID put a damper on the generally busy Spring home selling season, buyers are hitting the market in droves now —and because inventory is still an issue, it’s pushing up home prices. So, if you’ve been thinking about selling, now is a great time to make a move. CLICK HERE to view the latest Mammoth Market Update.