Broker’s View on the Market: March 2020

Thankfully, it is not raining today in Athens.  I truly believe that the rainy weather has slowed the spring market here in town.  In recent years, the real estate market would usually heat up in January, but this year I feel like we were a little late getting underway.  I know a lot of realtors in our company and others that have experienced a lot of frustration in the first two months in 2020. The weather impacted showings, construction, and property inspections.  Nevertheless, it now feels like our market is really heating up, and now we are seeing more properties come on the market and go under contract.

A couple of things to note from the current market statistics.  Overall, our sales are currently down by almost 40 homes vs this same time last year.  On the other hand, our pending home sales are up by almost 30.  The average sell price and days on the market is almost the same.  I know many of you may be surprised to see that this number has not grown.  I think there are a couple of reasons for the lack of growth so far. First, we are still early in the year and in the next three months we will see a lot of real estate change hands.  Secondly, we have also seen a large amount of condo transactions especially on the east side of town.  Condo values have appreciated greatly here in our area, but many condo sales are usually well below $200,000 which helps reduce our average selling price.

Overall, what I think is important to see is that our market is more consistent and less frantic than we may realize.  Despite the corona virus and an insane amount of rainfall, our market is right where it was last year. In closing, I would like to point out that interest rates are SUPER low.  You should probably contact your lender to discuss a refinance.  On the other hand, if you are looking to buy right now, you may be surprised to learn what you can afford. If you need a good person to speak with just let us know.  Have a great week and enjoy spring break.

 

MENU