Let’s look at February of 2020, a month prior to the pandemic - of the 2,318 homes for sale within the Greater McAllen Association of Realtors 602 were pending. That means 26.0% of all homes currently listed were pending. So 1 out of every 4 homes listed were already under contract.
Now Compare that to February of this year - of the 1,584 homes for sale within the Greater McAllen Association of Realtors 691 were pending. That means 43.6% of all homes currently listed were pending. So we were getting close to roughly 1 out of every 2 homes currently listed being under contract.
So what am I saying here? It’s not like there was a significant increase in the amount of homes that went pending. If you compare 602 homes pending this time last year to 691 this year. What is causing the pending ratio to go up and ultimately prices is the lack of inventory when you compare 2,318 homes for sale last year as compared to just 1,584 this year.
Truth is many experts are predicting less sales to happen in 2021 than in 2020, a year stricken by the pandemic. And all because of one thing. Lack of inventory. If you're a seller and want to take advantage of this hot market while it lasts, call us today for a free consultation at 956-203-0044. We look forward to hearing from you.
No comments:
Post a Comment