The featured image represents the number of higher value ($600k+) single family detached resale Active Listings in four elementary schools (East Side, Mt Bethel, Sope Creek, Timber Ridge) that feed into Walton High School.
It is not surprising to see the dip that occurred earlier in the year when the virus took hold in the U.S. It also may not be unexpected this year to see the typical spring activity pushed out a few months as the news outlets reported a bounce or recovery in the market after the nationwide shutdown began to ease. And of course one hears again and again that the housing inventory is low, mortgage rates are the lowest ever, and the pandemic panic is being replaced by the in-town get-out-of-Dodge movement to the suburbs as everyone needs more space to work and school virtually from home.
The following chart is helpful for those of us that like visuals, as it puts into perspective what is happening in your world…assuming you are part of the hyperlocal market described in the opening.
The activity over the last 11 years can be divided into three phases which can be described as following.
- The first phase of 2010 – 2012 generally represents the pent-up demand coming out of the housing market recession that began in 2007 and persisted into 2009.
- The second phase of 2013 and 2014, which had lower numbers (refer to the table below), was a cooling off period from the excitement in the recent previous years as homeowners evaluated the market and their motivation.
- The third phase that we are in now and began in 2015 saw an increase in the number of homeowners taking action to place their home on the market with a growing confidence in the outcome; i.e., a sale at an acceptable and predictable price.
What will occur the remainder of 2020 and next year is up for discussion on the mainstream news and social media, at upcoming holiday parties and around the table at local establishment. What we know now is that although the number of Active Listings is not at its lowest in the past 11 years, it is near bottom. That can bode well for homeowners wanting to sell, and be a stumbling block for those wanting to purchase.
I prepare daily for the opportunity to best serve my client’s interest.
Visit my website to learn more about my business model, the Best Home Marketing approach to selling, and to view a number of Walton stats by price range and elementary school.