The third quarter for 2020 has ended with some hot and fast action in the residential property market. The firs and second quarters were relatively similar with regard to numbers of sales. The third quarter however saw a dramatic increase in the numbers of properties sold with an increase of approximately 58%. The listings for the third quarter remained very similar to previous quarters with a monthly average of 42.
So what does this mean? It’s a sellers market! The increase in sales without the equivalent increase in available listings puts mounting pressure on buyers to purchase what little stock is available. This in turn results in a competitive market & thus drives prices up. In a nutshell there hasn’t been a better time to sell for many years.
