Posted: 6/24/2020   Blog Home   Contact

John McClintock Team

Listings Fetched Nearly 3 Offers Each in May

Homebuyers should expect to be in a multiple-offer situation.

In May, during the pandemic, there were about three offers on each home that sold, up from about two offers in April, according to the May 2020 REALTORS® Confidence Index Survey. The report is based on a survey of more than 4,000 REALTORS®, conducted June 1-10, about their monthly transactions.

REALTORS® reported a higher number of buyer offers, client tours, and listings in May as states began to reopen.

The report also showed a rising number of in-person home tours in May. Forty-five percent of REALTORS® surveyed also reported conducting virtual tours and showings.

Overall, REALTORS® are optimistic about the next three months and expect to see a pickup in business. Forty-three percent of REALTORS® surveyed say they expect stronger buyer traffic in the next three months. That is up significantly from April, when only 25% of REALTORS® said they expected stronger buyer traffic on the horizon.

REALTORS® surveyed also are mostly optimistic about the direction of home prices. They predict home prices to remain stable or increase over the next three months.

Source: National Association of Realtors, Realtor Magazine.

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Information is deemed reliable but not guaranteed.