As we continue to navigate the real estate market during a pandemic, we want to make sure you have all the current information. Here are the latest numbers.
I hope you’re all staying safe and healthy with your family. I have a quick real estate market update for you today, as well as a few other related notes.
First, if you’re considering forbearance or deferrals on your mortgage, reach out to us. You should only use these if you need to because some long-term effects won’t be in your best interest in every situation. We can help you make the right decision. If you have a rainy day fund, this is the rainy day you’ve been waiting for.
We’re continuing to help buyers and sellers with all the necessary safety measures in place. We’re offering virtual listing consultations, staging, and showings for home sellers. For buyers, we’re offering virtual showings via FaceTime or meeting in person. If we do meet in person to see a home, we’ll take the necessary steps to keep everyone safe and healthy (gloves, masks, sanitizer, etc.).
Although many numbers have dropped, they’re nowhere near rock bottom.
Now for the market update for March. The first thing you should know is that showings were down 23% year over year. Inventory was down 8%, homes listed were down only 5%, and pending sales were down 9% from last year. Although there’s no doubt that these numbers have dropped, they’re not at rock bottom.
Closed sales were actually up by 13% year to date for resale homes. The average sales price was up 5%, and the average resale price was up 4%. 69% of sales reported financial concessions, which is a pretty high number. 13% of closed sales were financed with all cash, and inventory at the end of March was at just two months.
If you have questions about these numbers or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you.