Emerald Bay Did You Know? What is the difference between this year and last year?
2019 Sales (Jan 1 - May 28)
8 Homes Closed ranging from $3.7M - $24.25M.
2020 Sales (Jan1 - May 28th)
5 homes closed ranging from $3.3M (wow) - $6.6M and the good news is there are 3 properties under contract.
We only have 9 homes currently on the market…. We usually have 12-15.
Did You Know? Lumber prices for July delivery are up 46% from a low on April 1 and 15% higher than a year ago, indicating a rebound in construction demand. With trade tensions with China worsening, don't expect construction costs to go down: the exact opposite is possible. (WSJ)
Did You Know? Besides DOW 25,000, what SIX METRICS could define the real estate recovery?
- The flattening of the curve. (This is a health-fueled crisis, not an economic fundamentals-fueled crisis). CHECK, for most areas.
- The end of stay-at-home orders. Once society moves around more freely, so too can commerce flow. CHECK for many areas, not all.
- The 10-year yield rises above 1%. IMPROVING. Not there yet.
- Credit Stress. IMPROVING notably.
- JOBLESS CLAIMS. STILL BAD, yet most jobs lost were in sectors that are now re-opening. Re-hiring could improve dramatically. (eg: Amazon has offered 125,000 of the 175,000 part-time employees it hired for the pandemic a full-time job)
- Hardest hit sectors improve. STARTING NOW.
Did You Know? The average 30-year fixed-rate mortgage is now at its lowest point since the early 1970s.
Did You Know? Real estate website traffic has risen dramatically in the past month. Google searches about buying a house are double what they were last month.
Did You Know? As of May 16, New Jersey, Missouri, and Idaho top the list of states with the fastest falling rates of new coronavirus cases, while South Dakota, Arkansas, and Maine have seen the fastest growth in new cases. The majority of states, however, appear to be experiencing some degree of decline in new cases. This comes as Moderna Therapeutics ’ government-backed vaccine shows enough promise to move into Phase II trials.
Super Random Did You Know? Summer is almost here and we all are spending a lot of time hiking in Emerald Canyon….Do you know how to deal with ticks if you get bitten? After safely removing the tick, one of the most important steps is to test the tick. Knowing the species and what disease(s) the tick is carrying will help with your diagnosis. Click here for a list of tick testing labs in the U.S. Click here for complete Be Tick AWARE resources.
Did You Know? Current cash levels are above a historical average dating back to 2005. Cash allocations have risen to nearly 14% for BOFA clients. Over $1 Trillion could enter the markets soon..... the S&P 500 is up more than 35% since March 23. (CNBC)