The Market and The Pandemic...
The growing pandemic has officially affected the real estate market which had been still performing well despite the growing pandemic. April 2020 showed a huge decline in sales posting 3,855 sales which reflects a 26% decline in sales from the previous year.
Average days on market increased by 9 days to 29. Homes did appreciate slightly, however more sales posted reflected a price reduction to get the home under contract.
We maintained 7 weeks of inventory vs. this time last year. Many sellers have pulled their home off the market and elected to list again in a few weeks.
April is typically the start of the Spring Selling Season with May historically being the best time to list your home. The COVID-19 pandemic has shaken consumer confidence and less homes are coming to market as people are waiting for things to ease and get back to some sort of normalcy.
Historic low interest rates and the desire to move are reasons for optimism. May will be a huge indicator to the rest of the 2020 Real Estate selling season. Those who do venture into the market are discovering just how different selling or buying homes has become due to the strict guidelines to protect the public. Real estate is still happening across the metro area just at a slower pace than normal.
Year To Date
Year-to-date data for Listings Closed and New Listings shows the market has pulled back a bit amid the uncertainty surrounding the coronavirus. The count for closed listings is 2% lower than last year’s year-to-date figures and average price of those listings is up 4%. The number of new listings that came on the market is down 9%. On average, homes spent one day less on the market as they did at this point in 2019.
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