(Published on - 11/2/2020 5:43:40 PM)
Despite COVID, the Peoria area real estate market had more closings than any other quarter in recorded history. The average days on market have decreased to 60 days on market. The average sale price increased by 8.3%. These reasons among others make it the perfect time to sell.
Third quarter of 2020 had 2,210 closed sales which is an increase of 28% from the third quarter in 2019. These numbers are astonishing given the fact that there is a shortage of inventory homes for sale, totaling a 3 month supply as opposed to a six month supply which is known to be a balanced market.
The total number of days on market is at a record low of 60 days. These numbers translate to less showings for your home to go from “just listed” to “just sold”.
REALTORS have found ways to adapt their home marketing, and showing procedures during this pandemic. Fortunately, the Peoria Area Association of REALTORS' early adoption of technology has helped make buying and selling your home a more streamlined process in our region. Digital signatures, more photos, 3D virtual tours, videos, floor plans, live streaming, and the ability to quickly send information to the consumer has been around but is now being used on a daily basis.
Low interest rates are creating opportunities, allowing buyers more purchase power while creating a larger pool of buyers. Typically, the fall months are a seasonally slow period for real estate, however, the pending sales for third quarter are also up year to date from the past 2 years first 3 quarters by 18.2%.
The month of September was up 49% from September of 2019, which is a good indication that fourth quarter 2020 will also be a fantastic time to sell!