When you sell your home, you want it to sell quickly and profitably—and according to those standards, there’s never been a better time to sell than right now.
According to recent data from the National Association of REALTORS®, the nationwide median existing home price in September 2020 was $311,800—up 14.8 percent year-over-year. Through October 2020 in Mammoth Lakes, the year to date median price for condos sold was $487,500 (up 8% over 2019) and for single family homes $839,999 up 9% over 2019).
And not only are homes selling at high prices, they’re also selling fast across the nation. A whopping 71 percent of homes sold in September were on the market for less than a month. On average, homes in September were on the market for just 21 days—the shortest time frame on record and down from 32 days in September 2019.
According to Lawrence Yun, chief economist for the National Association of REALTORS®, Low interest rates and high demand are driving the current buying frenzy. “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” Yun said in a recent press release outlining NAR’s findings. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace.”
So, what does this mean for you? Not only are home prices high in today’s market, but properties are selling in record time—so if you’ve been thinking about selling your home, now is the time to make a move.