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Pro Teck Home Value Forecast: Low Inventory, High Demand Driving Prices Up, Up & Away

Pro Teck Valuation Services
·2 mins read

Waltham, MA, Sept. 30, 2020 (GLOBE NEWSWIRE) -- As COVID-19 continues to impact housing supply and months remaining inventory, our real estate experts are seeing new, record-setting numbers reflected in sale price to list price ratios in many CBSAs around the country.

A sale price to list price ratio for a metro region at or above 100% reflects that homes on average are selling at or over asking price, and a ratio less than 100% reflects the opposite. It’s well established that some homes/metros sell over asking price, but not at a rate like this.

At this time in 2014, only 14 of the 229 CBSAs we track, or 6.11%, had an overall metro-level sale to list price ratio of 100% or more, mostly in California. This month, 131 CBSAs from across the nation, or 57.21% of the metros we track are averaging selling prices at or above asking.

A potential but not immediate reprieve from this housing pinch would be new home starts, but the outbreak has slowed housing builds as well. “Preliminary 2020 numbers show the negative impact COVID-19 has had on building starts,” said Tom O’Grady, CEO of Pro Teck Valuation Intelligence. “Hopefully housing starts will rebound soon to help meet today’s and future demand.”

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

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.

CONTACT: Thomas Hoff Pro Teck Valuation Intelligence 781.314.1669 thoff@protk.com