As 2020 starts rolling into the Spring market, February brought some interesting happenings. February closings, inventory and supply of homes are all down nearly 20% compared to 2019. We did see a 15% increase in pending sales last month which may portend more closings in March. Inventory compared to January is on the rise, a trend that is indicative of the start of the Spring market. One ongoing and significant market force is the lack of inventory. This dearth of supply may continue to put upward pressure on prices and favors sellers. However, buyers are not at an absolutely terrible disadvantage as mortgage rates continue to decline (and bizarre things are happening in the mortgage market at the time of writing). We would also be remiss to not mention COVID-19 and the more recent economic turmoil. Do we know how this will affect the local market? Nope. Frankly we are in uncharted territory here folks. Stay healthy and safe!
|Median Sales Price||$436K||$431K||$435K|
|Avg Days on Market||109||108||120|
|Avg % of Original Price||93%||93%||93%|