Q: How Has COVID-19 Been Affecting Our Central Kentucky Market?
Sellers can take advantage of a golden opportunity in our market.
Before I get into today’s market update, I have great news to share.
As you know, we vowed to donate $250 to Arbor Youth Services for every home we sold during June. Now that June is over, our official tally was 15 listings, which means we were able to give away a grand total of $3,750.
Now, we’ve been getting a lot of questions about how COVID-19 has affected the Central Kentucky market. Over the past couple of weeks, we’ve seen a jump in buyer interest and viewings due to pent-up demand and record-low mortgage rates. Buyers started flooding the market at the beginning of May, and from May 1 to June 1, there were 590 more sales pending than that same stretch last year.
If you’re thinking of selling, now may be your golden moment.
The numbers also show an extreme lack of inventory. During the same time frame mentioned above, 1,023 fewer listings hit the market compared to 2019. Inventory was already low before COVID-19 hit, and now many potential sellers either don’t want to list due to the pandemic or don’t realize how strong demand is.
The disconnect between supply and demand is driving up prices. However, this moment may not last. Many online listing sites reported an uptick in listings through the end of April. This means if you’re thinking of selling, now may be your golden moment. With demand at an all-time high, your home may sell quickly and for a record price.
If you’d like to know more about our Central Kentucky market or have any other real estate questions, don’t hesitate to reach out to me. I’d love to help you.