What’s Happening in the Local Market?

CMLS recently released the monthly research report for April 2020. Here’s what’s happening in the local market.

Housing Supply ~

Pending sales were up 4.1% in the 12-month period spanning from May 2019 through April 2020. The price range with the largest gain was sales of $300,001 and above, which increased 16.5%. The overall median sales price was up 7.6% to $185,000. The property type with the largest gain was the Single-Family Homes sector. Prices here were up 7.3% with an average price of $189,900. Inventory levels were down 4.4%.

Quick Facts

+16.5%+6.1%+4.5%
Price range with the strongest sales: $300,001 and AboveBedroom Count with strongest sales: 4 Bedrooms or MoreProperty type with strongest sales: Single-Family

Monthly Market Indicators ~

Economic activity continued to slow in April. With more than 20 million unemployment claims filed nationwide, much of the country is out of work, at least temporarily. The dramatic economic downturn is reflected in this month’s real estate activity.

New listings were down 18%. Pending sales decreased 6.6%. Inventory declined 4.4%. Prices moved higher by 6.1% averaging $188,900. Days on the market reduced to 51 days, a decrease of 15%.  Months Supply of inventory was down 8% to 2.3 months, indicating demand increased relative to supply.

Quick Facts

-12.5%+6.1%-4.4%
One-Year Change in Closed SalesOne-Year Change in Median Sales PriceOne-Year Change in Inventory

The effects of COVID-19 varies widely across the country, but it is expected to continue to play an impact on the amount of real estate activity in the near term.

To read the Full Housing Supply Report, go here.

To read the Full Market Indicator Report, visit here.

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