What started out looking like another banner year following the first quarter was suddenly crashed thanks to the Covid-19 pandemic.
Since then, the recovery has been nothing shy or remarkable. See the graph below, courtesy of Fair Texas Title:
As of September, sales for single-family homes have outpaced 2019 by 4% but still lingers slightly behind condo sales. The question is: will it last?
Working for us is the incredibly low listing inventory we continue to experience has caused buyers who would normally have purchased to continue to hold out for the right house. Interest rates remain at historic lows.
Working against us is the continued Covid lockdown, what is typically a 3rd quarter slowdown, and of course the election. Election seasons always see a slower market because uncertainty is the worst thing any market can experience.
Will it continue? I believe so. Chances are we’ll see numbers settle down a bit as to mimic 2019 a bit more, but barring Covid-20 or Giant Meteor the good times should continue to roll.