1st Quarter 2020 – Single Family Home Sales

swilliams Education , Real Estate

SINGLE FAMILY HOME SALES:

January to March 2020

The 40 homes sold in the 1st Quarter of 2020 represent an increase of 21% over the same quarter of 2019. Days on market (DOM) overall were similar with one very distinct difference:  the single home priced over $650,000.  In 2019 it took 291 days to sell that home versus the 1 day in 2020 to sell a home in this price range.  The 2020 sale went under contract in late February 2020 and closed at the end of March 2020.  The 2020 sale had a closing price that was 4.1% over asking price  Sales in the $650K and over category are few in number, tend to have unique characteristics, and are less comparable to each other.

Sale prices were higher in most ranges over the prior year with the exception of the $450K – $649K category.  Homes sold in that price range also experienced a high discount from list price.  Overall sales prices held close to asking prices.

This quarter’s data may prove to be an outlier when compared to the next few quarters based on the uncertainty of all economic activity impacted by the Covid-19 coronavirus.  As of April 8, 2020 there are 32 single family homes listed for sale

                  SALES DATA: January to March 2020

Number of Sales

Days on Market

Price Range

2019

2020

2019

2020

$200,000 – 349,999

 6

  7

 46

 36

$350,000 – 449,999

 14

 17

 60

 85

$450,000 – 649,999

  12

15

63

 42

$650,000 +

   1

   1

291

   1

Total Sales / Average DOM

 33

40

 65

58

 

Average Sales Price

Average List Price

Sold vs List %

Price Range

2019

2020

2019

2020

2019

2020

$250,000-349,999   305,900   320,357  309,116    319,700

-1.0%

+0.2%

$350,000-449,999   399,800   400,876  402,700    406,727

-0.9%

-2.1%

$450,000-649,999   523,700   515,000  549,496    526,857

-2.4%

-0.6%

$650,000 +   701,900    760,000  699,900    730,000

 +0.3%

+4.1%

Average $436,936 $440,185 $443,357 $442,067  -1.4%

-0.4%

About the Author

swilliams