I submitted an offer for a buyer yesterday. There were 26 competing offers. The price of the home was ~$200,000.
I have been doing this 17+ years and I can't remember that many offers on a home, other than maybe a seriously discounted fixer-upper or a bank-owned property.
How long will this last? I can't say for sure, but I predict a consistent market through August and if rates stay low and our state's health remains manageable, I don't see an end in sight. This doesn't mean there will be 26 offers on every home, and it doesn't suggest a buyer has little chance of securing a property. Be prepared and you will succeed.
This also doesn't indicate you can put a for sale sign on a home that isn't ready for the market (staging, landscape, etc ..) and expect to get the terms your neighbor will, if they do some basic things - as recommended by a Realtor they trust.
When should you buy or sell? My answer is still the same, after all these years. When *you* are ready.
Great related article: https://www.parealtors.org/some-buyers-ready-to-buy-now-thanks-to-covid-19/