Market Statistics – May 2020

May 2020

Prior Year

Current Year

+/-

Average Sales Price

$206,358

$219,095

+6.2%

Median Sales Price

$175,700

$212,350

+20.9%

Inventory of Homes for Sale

1,116

930

-16.7%

Days on Market

127

137

+7.9%

Closed Sales

268

227

-15.3%

 

 

 

 

 

While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.

New Listings were down 23.3 percent to 231. Pending Sales decreased 9.3 percent to 235. Inventory shrank 16.7 percent to 930 units.

 Prices moved higher as Median Sales Price was up 20.9 percent to $212,350. Days on Market increased 7.9 percent to 137 days. Months Supply of Inventory was down 26.4 percent to 3.9 months, indicating that demand increased relative to supply.

 Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.