Please click here for the full monthly newsletter.
We are still seeing more luxury homes selling and the absorption rate is at 17.4% which makes this a buyer & seller market. Typically rates below 15% indicate a buyer's market and above 20% is a seller's market, in-between is when both parties have advantages.
Buyers are looking for second homes or if they have the ability to work from home they are looking for space which is why the more expensive homes are selling. If you are considering buying and will need a mortgage, I would highly recommend reaching out to a mortgage lender for pre-qualification. This way you will be prepared and have one up on other buyers.
If you are considering selling, please keep in mind there are new virtual ways of selling homes to minimize the foot traffic through your home and rules still in place to make the buyers feel more comfortable if they want to view the home in person.
Inventory was down again this May (down 15.7% or 54 homes) as was the total sold which was down by 53.2% (50 homes) and the number of pending sales was down 17.6% (18 homes). The average sold amount was up 66.7% again ($1.235M) and the average dollar per square foot was up 40.6% ($295.83). The average days on market was up 71.4% (50.5 days). To get a better understanding of the right time to buy/sell, click here for a breakout by town.
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 2.99%
15 Yr FRM 2.62%
FHA 30 Year Fixed 2.50%
Jumbo 30 Year Fixed 3.95%
5/1 Year ARM 3.03%