A quick look at the latest numbers.
Obviously, the housing market remains volatile in the face of the pandemic. While most of the numbers aren’t ringing any specific alarm bells just now, there are others that we’d be wise to keep an eye on.
Steady as She Goes
From a macro level, March numbers look fairly steady, with number of closed sales up just slightly, and inventory remaining tight. On the upside, median sales price is also up.
Speaking of inventory, while supply has been tightening for awhile now, March saw a reduction in homes for sale of more than 20% over the previous year.
Drilling a little deeper, we see a more than 15% reduction in previously owned homes on the market vs. 2019, and a more than 12% reduction in new construction homes on the market.
As expected, given the local and national quarantine/stay-at-home orders in place, we’re seeing a pretty big reduction in the number of showings on homes. While this doesn’t mean homes aren’t being actively viewed online, it could have an impact on how long homes remain on the market, which could also lead to sellers being forced into price reductions, or withdrawing homes from the market altogether. This is definitely an indicator to watch…
Note that this data is provided courtesy of the Northeast Florida Association of Realtors (NEFAR), as well as ShowingTime, a leading provider of showing software and market stats. We publish NEFAR’s data on KimSandberg.com each month here.
As always, please contact us if you have any questions!