What Happened in Our Market in April?
Our market has certainly taken a hit lately, but here’s why I’m optimistic.
Why Work With Me?
Receive a FREE Home Value Report
The April numbers are in for our real estate market. When compared to April 2019, our number of sales is down by around 63%. Unfortunately, that’s to be expected as we’ve been on lockdown since mid-March.
Active listings are down just 1.1% from March, but the average price is down 9%. Part of this is because we’ve seen much fewer sales overall. We have about 3.5 months of inventory right now after having just 1.3 months in March.
“
Our level of inventory still has us in a seller’s market.
”
The total number of sales for April in 2019 was 9,042. In 2020, we had just 2,975. The average price, meanwhile, remained flat at around $820,000. We were on pace to see some nice appreciation as we began 2020, but we took a hit by anywhere from 5% to 10% in the second quarter because of the COVID-19 pandemic.
Even though inventory has nearly tripled in the last month, we’re still technically in a strong seller’s market. We only have 3.5 months’ worth of inventory right now, while a balanced market would have at least six.
If you look at the past decade of April sales, it’s clear that this is an anomaly. I believe once things get back to a little more normal in May or June, there is a lot of pent-up demand that could come out and give us a very strong summer and fall.
If you have questions about anything I talked about today or related to real estate, don’t hesitate to reach out via phone or email.
