The months supply of inventory for condos also fell from April highs but settled well above the three-month level of supply. At 4.5 months, supply levels are now higher than normal, indicating that supply is outpacing demand.
As we discussed in previous newsletters, the fundamentals of the housing market were strong before the global economy stalled, and they have continued to show stability during the months of quarantine.
Looking ahead to July, we anticipate housing market activity to increase as pent-up demand turns into participation from both sides. We will closely monitor the divergence in single-family home and condo prices to make sure that our clients are pricing and negotiating to get the most value out of their transactions.
We hope you found this info in this month’s newsletter helpful. Should you have any questions about the market, or wonder what home-improvement projects will give you the biggest bang for the buck, I am always just a cell phone call away: (415) 595-7661.