College Park Living - June 2021

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EXPECT THE SUMMER MARKET TO SIZZLE by Brian Spain

E Brian Spain Broker

DIRECT:(407) 494-1444 OFFICE:(321) 303-2850 Brian@LRFlorida.com

story in our market reveals itself when looking at the growth of the average and median sales price during those same periods. In April 2019, the average sale price was just $367k with a median price of $329k. In 2020, it rose to an average of $433k and a median of $375k. And this year, we saw an average of $505k and a median of $425k. Those numbers are fairly consistent with what we’ve seen so far this year. Through June

the gap in inventory. Increased land, labor, and material costs have made building new homes difficult and expensive, even as demand continues to surge. Still, many are turning to new construction homes because the competition for existing homes is still fierce in our current market. Interestingly, here in College Park, April sales volume, year over year has been fairly consistent before, during, and after the pandemic. In 2021, 44 properties closed in April. In 2020, 43 properties closed. And in 2019, 45 properties closed. The real

15, College Park’s average sale was $500k and the median sale was $412k. That’s over a $100k increase in average sale price in just two years. These numbers consist of all property types: single family, townhome & condominiums. We also buck the trend a bit when it comes to declining inventory. As of June 15, there were 65 properties available for sale in 32804. This is up slightly from May when inventory hovered in the low to mid-50s. But with a low of 33 homes sold in January to a high of 62 homes sold in March, 65 homes

- or a 1 to 2 months supply of inventory - is still way too low to stabilize the market. A 4 to 6 months supply of homes is considered a balanced market. We are currently averaging 46 sales per month so our inventory would need to almost triple before we would reach that equilibrium. So, it appears we will continue on in a Seller’s market for some time. But here’s an interesting fact Did you know that more than 1/3 of the listings currently for sale in 32804 have been on the market for 3 months or more? We often hear people question if they need an agent during a Seller’s market. I think that stat speaks for itself. Homes aren’t selling themselves with no effort; But homes that are priced right and marketed correctly are flying off the shelves. If you’re considering making a move or just have a question about real estate, give us a call at 321-303-2850. We’d love to discuss your questions, suggest ways you could maximize your home’s value, and explain how we do things a little differently at our family run brokerage. We’re always excited to talk about the tools and technology we employ to provide marketing that is second to none. And be sure to check out our many reviews on Zillow where we are 5 Star Rated and have been awarded the “Best of Zillow” designation for excellence at: https://www.zillow. com/profile/brianspainrealtor/. n

JUNE 2021 – INSIDE:

MANAGE YOUR FINANCES Your Money Page 2

PRE LISTING INSPECTION? Ask the Expert Page 4

IDEAS TO BE ECO FRIENDLY In The Home Page 6

US TRAVEL TRENDS Travel Page 9

CROSSWORD, SCRABBLE & SUDOKU Page 11

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ven after more than a year in our frenzied market, home prices continue to soar, which is excellent news for those who own new and existing homes in our marketplace. The Case-Shiller National Home Price Index measures the average home prices in major markets across the nation— they’ve tracked that home prices rose by 13.2% year over year as of March, which had the highest annual price growth rate in almost 16 years. According to the National Association of Realtors, the median sales price for existing homes increased by 19.1% in April to $341,000. This extreme price growth is driven by a few different factors. Record-low mortgage interest rates have made purchasing homes more affordable, even considering rising home prices. Many people have taken advantage of this and flocked away from urban centers, seeking out homes that offer more space to accommodate working remotely and spending more time at home in general. However, supply is still very limited, and inventory may only continue to shrink. High prices and high demand have contributed to the shortage; Nationwide, April was the third month in a row of declining home sales. By the beginning of May 2021, the number of available homes for sale

had shrunk by 20.5%. This has led to some intense multiple-offer situations, where buyers are throwing out all the stops to compete for homes, including by waiving inspections, appraisals, and other contingencies to draw the seller’s eye to their offers. Even though homebuilders are trying their best to keep up with demand, the new home construction industry can’t fill


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