Day: August 13, 2020

Homes Flying Off Market at Record Pace—46% Accept an Offer Within 2 Weeks

Key takeaways for the 4-week period ending August 2:

  • A record-high share of homes are selling fast: 46% of homes sold within the first two weeks on the market, the highest level since at least 2012 (as far back as our data on this measure goes).
  • Home sale prices were up 9% year over year to another new all-time high of over $311,000. “The combination of ultra low inventory, very high buyer demand, and super duper low interest rates is a very successful formula for sellers, not so great for buyers,” said Brian Morales, a Redfin agent in Orange County,
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Paddington buyer smashes Randwick house price record with $6.75m+ sale

No. 53 Govett St, Randwick, has smashed the suburb price record.

A Randwick home in the same family for 40 years has sold for more than $6.75m — $1.5m above the guide price and smashing the suburb record by $350k. It hit the market yesterday.

McGrath agents Stephen McMorrow and Angus Gorrie instantly had buyers fighting over the Federation home on a rare 836 sqm block at 53 Govett St.

The deal was done this afternoon, though negotiations had already started when it was off-market. It’s understood the purchasers are a family from Paddington.

Explaining the huge result so

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