The below infographic summarized how the residential market performed in February 2021 in comparison to February 2020. Most notably, active listings are down 54%. February 2021 saw a total of 340 active listings, while February 2020 had a total of 744. This dialogue is similar to what we just saw last month. The lack of inventory is creating a flurry of multiple offers on properties across various price points. Its never been a better time to list your property.
The average sale price for this region increased 25% year-over-year with the average sale price now sitting at $467,855. The average listing is selling for over asking price, with a 101.4% sold to list ratio.
One final notable is the current absorption rate, which has pushed downward to .79. The Absorption Rate shows how long the current inventory would last at the current rate of sales and indicates the number of months required to sell all properties on the market.
The Cumberland County real estate market continues to see unprecedented trends. Make sure you work with an experienced agent to help navigate you.