Market Update May/June 2020 Pandemic = Holiday Market and Higher Home Sale Prices

 

With the coronavirus pandemic and shelter in place order, we saw a drop in sales and inventory in the month of April, yet an increase in home prices. Real estate was deemed an essential business by the order given by Governor Brian Kemp, but for us it has not been business as usual.

We take the safety of our clients and team members very seriously. We put together a protocol for our listings where we ask the sellers to leave all lights on and interior doors open. We ask that agents showing our homes and their clients, remove their shoes. We provide gloves and disinfectant, in case a potential buyer would like to turn on a faucet or open an appliance door. For Buyer clients, we ask that only the decision makers come to view the home and let them know they can always FaceTime other important people. We too will do Virtual Showings via FaceTime or Zoom, if the Buyer is not comfortable coming in person. That being said, some homeowners have just not been comfortable having their home on the market and we are not surprised by the drop in inventory (homes for sale currently).

We were already in a Sellers Market, so this drop in inventory has made it an even heavier sellers market, which has equated to higher home sale prices. It is very much like a holiday market. There are still people who need to move. Their lease is up. There are buyers who have been waiting and now really want to take advantage of low interest rates. There are homeowners who have been transferred or are retiring. Just like during the holidays, people still buy and sell homes, but those who don’t need to tend to hold off. That  being said, if you are thinking of selling, now may be the time to get top dollar.

As businesses begin to reopen and less people work from home, we expect more homes and home buyers to come in to the market.

Here are the numbers from the First Multiple Listing Service, compiled by The Atlanta Business Chronicle.

Annual comparison

• Total home sales for April 2020: 4,071

• Total home sales for April 2019: 5,490

• Comparison: Decrease of 25.8%

• Median sales price for April 2020: $305,000

• Median sales price for April 2019: $280,000

• Comparison: Increase of 8.9%

• Average sales price for April 2020: $366,000

• Average sales price for April 2019: $347,000

• Comparison: Increase of 5.5%

Monthly Comparison

• Total home sales March 2020: 5,081

• Total home sales April 2020: 4,071

• Comparison: Decrease of 19.9%

• Median sales price March 2020: $293,000

• Median sales price April 2020: $305,000

• Comparison: Increase of 4.1%

• Average sales price for March 2020: $354,000

• Average sales price for April 2020: $366,000

• Comparison: Increase of 3.4%

Every home is different. If you would like us to do a free Market Evaluation of your home, please call us at 404-978-2273.

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Atlanta
Michelle Hipp

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