March, the fantastic month full of green beers, socializing, and trees blooming! Did St. Patrick, the patron saint of Ireland, watch over us during the onset of COVID? Or was he pissed green beers weren’t being joyously passed around in his name? Did all that translate into a housing let down? Let’s find out!
In February I had suggested March might take a slight step back due to COVID-19 and social distancing. Was I right? Let’s see if March hit the ground running or took a slight step back. I got a feeling some of these statistics will be surprising!
If you haven’t been preparing now, then now is the time to do so. Without preparation, consultation and representation you could easily miss the home of your dreams, struggle to sell your home, or get discouraged and quit. So stop scanning your favorite home search website and contact your Chesterfield Connection to receive your free Home Value + consultation. Also, we can talk about why you shouldn’t wait to list and what can be done for you as a home owner to increase home interest during a period of social distancing/isolation.
When you use me as your guide you will be able to pinpoint your needs, create a plan of action, obtain timely market data to make calculated decisions, and keep your stress at a minimum while you buy and/or sell with confidence!
The average sales price of $308,179 in March 2020 showed people were still buying with social distancing in place; an increase of 7.2% compared to February 2020. Average Sales Price increased 8.8% compared to March 2019.
New listings popped to 874 in March 2020, up 32.6% from February 2020. Number of new listings was up 0.8% compared to March 2019.
There were 1031 homes for sale in March 2020, up 1.9% from February 2020 adjusted numbers. Number of homes for sale was down 12.3% compared to March 2019. Still a seller’s market by a long shot!
There were 694 pending sales in March 2020, up 18.2% from February 2020 adjusted numbers. Number of pending sales was up 5.7% compared to March 2019.
There were 545 closed sales in March 2020, up 38.6% from February 2020 adjusted numbers. Number of closed sales was up 1.6% compared to March 2019.
The average number of days on market was 36 days for March 2020, down 14.2% from February 2020 adjusted numbers. The average number of days on market was down 5.2% compared to March 2019.The market is strong my friends! COVID-19 has not stopped buyers from obtaining their home ownership goals.
Months supply of inventory is steady at 1.8 months in March 2020, even to February 2020 adjusted numbers. Months supply of inventory was down 18.1% compared to March 2019.
The list/sale price ratio was 98% in March 2020, up 1.4% from February 2020 adjusted numbers. The list/sale price ratio was down 0.6% compared to March 2019.
The average price per square foot was $139 in March 2020, up 2.9% from February 2020 adjusted numbers. The average price per square foot was up 6.1% compared to March 2019. Again, pointing to a sustained seller’s market.
The dollar volume of $167,032,760 in March 2020 was up 48.6% from February 2020 adjusted numbers. The dollar volume was up 11.0% compared to March 2019.
So with all this laid out, how do you think the market performed in March? Interested in next month’s data? Will changes in lending make a difference for April? Stay tuned for rain, good temperatures and more market surprises!
As always, statistics and data are a great tool to understand your market, but sometimes they don’t show the full scope of what is actually going on in your exact neighborhood. If you have any questions, please contact me to discuss these statistics and learn how additional data can help you moving forward.