Toward the end of last year the Claremont real estate market seemed to be slowly shifting to a buyer's market. COVID-19 has not only halted that shift, it has strengthened the seller's market.
How do we know this?
Houses are selling faster
Sellers are getting multiple offers
Sellers are getting and accepting offers over asking price
Sales prices are again trending slightly upward
Month's supply is at 2.1 for houses and 2.2 for condos/townhomes*
[*Month's Supply answers how long would it take in months to sell through all of the homes currently for sale. A "normal" market is about 6 months, but Claremont has been under 6 months for years now.]
In general, the real estate market is strong, and especially so in Claremont. This is why we do not expect any bubble or wave of foreclosures. People have equity now and can sell if they need to.
Home Buyers, however, are facing tough competition.
Homes under the $750,000 price point are receiving multiple offers and over-asking offers by well qualified buyers.
We are, however, seeing a steady slowing of the luxury market in Claremont.
Of the 42 homes currently on the market in Claremont, 26 are over the $1,000,000 price point. Additionally, only 9 homes are currently priced under $800,000. The higher priced homes are taking much longer to sell.