April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
Closed Sales increased 46.3 percent for Detached homes and 82.4 percent for Attached homes.
Inventory decreased 60.4 percent for Detached homes and 59.9 percent for Attached homes.
The Median Sales Price was up 24.4 percent to $840,000 for Detached homes and 21.8 percent to $530,000 for Attached homes. Days on Market decreased 23.1 percent for Detached homes and 23.1 percent for Attached homes.
While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing
supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
90 Second Market Update - March 2020
2020 Real Estate Trends: What You Need To Know
“The housing market has been performing better so far in the second half of 2019, with both sales and prices up as mortgage rates remain near their three-year lows,” said...