Here’s a quick overview of how our Columbia real estate market is doing.
As we head into the home stretch of 2020, I want to bring you a quick update on what we saw in the third quarter here in Columbia.
We’re still firmly in a strong seller’s market; we need inventory badly. There just aren’t enough homes for sale to keep up with demand. In fact, we have just 1.5 months of inventory left. Most economists say a balanced market has around six months of supply.
Interest rates are still lower than ever, which is driving demand. If you’re even considering selling your home, there hasn’t been a better time in recent memory. Pending sales, closed sales, and median prices are all up. The median price is up 9% in Columbia from last year. With all that’s happened this year, who would’ve thought that we’d be here now?
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Interest rates continue to drive demand.
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I think some of the supply issues are due to pandemic concerns from homeowners, which is totally warranted. However, if you want to sell without people walking through your home, we can help minimize physical interaction and still help you sell your home for top dollar.
If you have any questions for me about what’s going on in Columbia or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
