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“Inventory
constraints appear to have played a part in pending home sales dwindling in
January, 2021, according to the latest report from the National Association
of REALTORS® (NAR). NAR's Pending Home Sales Index , a forward-looking
indicator of home sales based on contract signings, showed a decline of
2.8% in January,” compared with December, 2020.
Also, mortgage rates have shown signs of trending
upward, “in response to movements in the 10-year treasury yield. This will
put some upward pressure on mortgage rates, which have been bouncing around
historical lows for months now.”
In Southold Town, home sales in February were strong
and if the inventory levels increase, the numbers will compare favorably
with last year, as we head into the months impacted by the shut downs and
initial reactions to the COVID-19 pandemic. The median sale price for
February, 2021 was $785,000 compared to $630,000, a 24.6% increase over
last year.
The market continues to be strong, but the low
availability of homes for sale, will eventually impact the market as higher
prices may reduce demand due to affordability. We may be reaching
that tipping point where “something’s gotta give!”
If you are thinking of selling this year, act sooner
rather than later. Catch the curve while it is still in an upswing,
not on the way down. Call us, we can help and give you a good idea of
how your home would fare in this market. Don’t wait, “she who
hesitates…”
Source: RISMedia, Pending Home
Sales Kick Off 2021 With a 2.8% Dip in January, Jordan Grice.
Don't forget to
Celebrate
International Women's
Day - March 8th
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