Here’s what the numbers say about our 2021 spring market.
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I got no less than three phone calls from buyers this past week telling me that they’re seeing all sorts of indications that we’re in a bubble, and now they’re waiting for a wave of foreclosed properties. I told them that there aren’t any signs that we’ll see more distressed properties, and today I’ll give you the full scoop on our spring market by looking at the latest data from February from the Newport area. In short, sales are down compared to last year, and houses are selling much quicker.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
0:17—Introduction to today’s topic
1:23— 2020 sales versus 2021 sales
2:26—The average days on market compared to last year
5:28—The most interesting statistic of all: price differentiation
7:24—The actual number of distressed properties out there
8:25—There’s no point in waiting for distressed properties to hit the market
9:01—Wrapping things up
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.