Market Continues to Climb
The Surging Real Estate Market Continues to Climb
The latest housing reports show the housing market continues to soar. Earlier this year, realtor.com announced the release of the Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry by tracking each of the following:
- Housing Demand – Growth in online search activity
- Home Price – Growth in asking prices
- Housing Supply – Growth of new listings
- Pace of Sales – Difference in time-on-market
The index compares the current status “to the January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa.”
The graph below charts the index by showing how the real estate market started out strong in early 2020, and then dropped dramatically at the beginning of March when the pandemic paused the economy. It also shows the strength of the recovery since the beginning of May.
Today, the index stands at its highest point all year, including the time prior to the economic shutdown.
The Momentum Is Still Building
Though there is some evidence that the overall economic recovery may be slowing, the housing market is still gaining momentum. Zillow tracks the number of homes that are put into contract on a weekly basis. Their latest report confirms that buyer demand is continuing to dramatically outpace this same time last year, and the percent increase over last year is growing.
Clearly, the housing market is not only outperforming the grim forecasts from earlier this year, but it is also eclipsing the actual success of last year.
Frank Martell, President and CEO of CoreLogic, explains it best:
“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”
So, whether you’re considering buying or selling, staying on top of the real estate market over the coming months will be essential to your success.
Begin Your Own Naples Property Search:
So, are you ready to begin your search for your Southwest Florida Luxury dream home or condo? We encourage you to explore our website to find information about communities in the area. If golf is your game, we specialize in golf community real estate and would be happy to help you navigate more than 150 different golf communities in our area.
If you prefer a more direct approach, we will provide a list of properties that meet your criteria and/or communities that meet your needs.
Lastly, we will handle all contract negotiations for your property from offer to close!
Contact Matt: Matt@NaplesGolfGuy.com