📊📈 Ballard Market Update - October 2020

📸 Here’s a snapshot of the Ballard area real estate market for October 2020. Here’s what you should know:

1.  Demand is still outpacing supply

This October, existing homes listed is dropped by 73% from the same time last year. The only thing that's holding sales back is a lack of homes on the market. 

Inventory of homes for sale is currently lower than we’ve ever seen - we currently have a TWO MONTH SUPPLY.

2. Home prices continue to rise

Low supply and high demand has pushed home prices to new record highs. The median sale price is down 2% annually.

Also, homes are now going under contract after just 39 days on average, which is 6 days faster than one year ago.  

3. Right now just might be the best time to sell your home.

If you've been thinking about selling, you should consider doing it now. Demand is high, and homes are selling quickly and for top dollar.

However, there is a chance this spring many more homes for sale will hit the market. If so, we would see the supply and demand balance out and prices would start to stagnate and buyers would be able to be more choosy. That's why it's a good idea to at least look at your options right now. 

Bottom Line:

Buyers are ready to pull the trigger, mortgage rates are incredibly low, and many of our sellers are negotiating multiple offers. 

***Market activity for Cambridge, Huxley, Kelley & Slater. Stats pulled from the Des Moines MLS.

📥 Questions? Contact us today! | Hokel Real Estate Team | 📲515-981-2113