The Season of the Seller
In March of 2020, a great many things that we took for granted changed. To slow the spread of the COVID-19 virus, states began to issue shelter in place orders. As a result, our homes became classrooms, makeshift office spaces, or some combination of both. Rarely used kitchens were put through their paces as restaurants shut their doors. People who had never given a thought to storage space in their homes, now were looking for places to stockpile food staples and toilet paper. The entire situation made people reevaluate their living spaces. People began to look around and realized they needed something different. As a result, the local real estate market in Auburn and Opelika thrived during the quarantine.
In Auburn, an average of 9.55% of all the listed residential units were sold each week. During the week ending on March 25,2020, 16% of the homes listed received an offer during a 7-day period. If you had a home listed below $200,000 this summer, there was a 24% chance that it would sell each week. Auburn, however, was not the strongest residential market this summer.
In Opelika, an average week saw accepted offers on 11.82% of the homes on the market. During a few weeks this summer in Opelika, accepted offers were received on nearly 2 out of every 10 homes. The $200,000 and below market in Opelika was also averaging 23% of the listed homes being sold each week.
With the interest rates at their lowest, the lack of inventory (Auburn and Opelika have sold 52 more houses than were listed this summer), and people reevaluating their current living arrangements, both markets continue to be strong seller’s markets. If you are someone you know is looking to sell their home, call Casey or I today at Berkshire Hathaway HomeServices Preferred Real Estate in Auburn.