Transitioning to Phase 3 of economic re-opening, market trends remain the same.
Although Lewis County has fully transitioned to phase 3, the governor has issued a statewide mask requirement. For realtors, the mask requirement hasn’t changed much, but the amount of people we can allow in a showing no longer has a limit as long as social distancing measures are in place. This is very good news! It was difficult in some circumstances to limit showings to 2 people total (agent and one buyer). I expect showings to increase as market confidence swells.
Before we get to the stats & graphs, I wanted to go over the calculations for these stats. I have seen in other places much higher numbers that didn’t have any validity or were calculated differently. When I report stats, I use a 12 month rolling average. I believe this gives a better view of the market overall as using a single month average tends to roller coaster from month to month. I am more interested in trends as a state of health & I believe the rolling average is more accurate. That said, let’s get to it!
Average Sales Price
The average sales price seemed to pause a little bit during the shut down, while overall still rising. Now, it is back to it’s typical jump of $2000 increase per month. What is continuing to push prices upward?
Homes for Sale
There is continual pressure to push prices upward as the lack of inventory funnels multiple buyers into single homes. I just recently was involved in a 12 person bidding war! One would think with fewer homes on the market that fewer homes would be going pending as well…
Nope! Pending sales are skyrocketing! There was a dip from the February high, however was still higher than December 2019 numbers during the lockdown. All that pent up demand is forcing inventory even lower!
Average Days on Market
After dropping for quite some time, time on market is once again increasing. I’ll be totally honest on this one – it doesn’t make any sense. Typically, we see days on market increase during the fall through spring and decrease during summer. Now it appears to be increasing as we head into summer. Looking at the monthly stats, it is the same story. It only increase by one day so not much to go on, but something I will keep my eye on.
If you’re looking for real estate guidance in a changing market, feel free to reach out with your questions and I’ll do my best to answer your questions with data driven market analysis!
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