The post-shutdown housing surge in summer 2020 brought bidding wars, multiple-offer situations on nearly every listing, and prices climbing 1-2% monthly. I went from 30-35 appraisals per month to over 40, with homes selling in 8-12 days.
Activity Spike
June-August saw unprecedented activity:
- 40+ appraisals/month (vs. 30-35 normally)
- Multiple-offer situations common
- Price concessions rare
- Days on market: 8-12 days
Seller's market on steroids.
Appraisal Implications
Strong comparable sales. Rapid appreciation. Values climbing 1-2% monthly.
Appraisals struggle to keep up with rapid appreciation.
Bidding Wars
Buyers competing fiercely. Waiving contingencies. Offering above asking.
Classic hot market dynamics.
Appreciation Acceleration
Summer 2020 saw 8-12% annualized appreciation. Explosive market conditions.
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Hot market surge? Summer 2020 was unprecedented. Contact me for perspective.