Day: May 4, 2020

New Listings Lag Home-Buying Demand, Homes for Sale in Redfin Markets at 5-Year Low

Just the Facts: Four Key Housing Market Takeaways for This Week

  • Home-buying demand is making a speedy recovery, down only 15% from pre-pandemic levels
  • Buyers are nervous, but continue to pay up. Prices are up 1% compared to last year and affordable homes are selling like hotcakes
  • New listings are up from their low point on April 13, but can’t keep up with home-buying demand. There are fewer than 700,000 homes for sale in Redfin markets; a 5-year low
  • Mortgages rates are low, but credit is still tight. Lenders are demanding big down payments, especially for high-end homes, forcing some
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Manly property sells for record $6m despite COVID-19 lockdown

Big sale – 37 Kangaroo St, Manly.

Buyers are still out and about, keen to find their dream home – and this record-breaking sale proves it.

When 37 Kangaroo St, Manly was put to auction before the COVID-19 crisis deepened, it was passed in on a bid of $5.5 million.

MORE: Lift on inspection, auction bans to revive market

Buyers back as market finds its mojo

Last week it sold for $500,000 more than that. Michael Clarke, of Clarke & Humel Property, said he could not comment on the final sale price.

However industry sources have put it at $6

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