With everything going on in today’s world, one would expect homes to be plummeting in value. However, to the surprise of many, the exact opposite is the case. With national home inventory down 37%, and buyer demand up as a result of record low interest rates, we are seeing homes sell faster and for more money. Parkland is no exceptions as we have experienced this first hand; two homes we listed in the beginning of this month both received multiple offers and went under contract within 3 days of being listed. Compared to this time last year, homes in Parkland are selling for an average of 8% more with a median 30 days on market compared to 50 last year.
It is one of the most basic principles of economics; lower supply and higher demand drives prices up. In Parkland last year there were 337 active homes listed in August; today there are only 219 listed, a 35% decrease in inventory. Parkland home values have climbed from last year and are not showing signs of slowing down, so if you are looking to sell your Parkland home and want to get the most for your home without having it sit for months on the market, now is a great time.