Pro Teck Home Value Forecast: Bidding Wars Galore – Low Inventory, High Demand Driving Market Trends

Waltham, Massachusetts, UNITED STATES


Waltham, MA, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Summer housing markets are typically hot, but the unique combination of social and economic factors impacting this summer’s market are making for one of the most competitive, and compelling, buying seasons we’ve seen.

Looking at the Top 10 Hottest Housing Markets as a whole, the weighted average shows more than a 20% reduction in sales and a whopping 50% drop in active listings. This stunning lack of inventory coupled with strong demand has led to less than 2 months of remaining inventory (MRI) across our hottest markets, resulting in even more bidding wars and homes flying off the market.

“Currently it’s very much a seller’s market, but the pandemic combined with political, social and economic uncertainty are keeping many would-be sellers on the sidelines,” said Tom O’Grady, CEO of Pro Teck Valuation Intelligence. “As these variables begin to resolve the future of the market will become easier to predict.”

Click here to read the entire report, including data that further illustrates market trends discussed in this release.

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About Home Value Forecast

Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Intelligence. HVF provides insight into the current and future state of the U.S. housing market. Reporters interested in national, regional or metro level housing data tailored to meet story needs, please email your inquiry to mediarequest@protk.com.

 

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