Though some numbers were down, the latest stats for May show strength.
Here are the numbers you need to know for May:
Residential Sales for Athens and Surrounding Counties (May 2019 | May 2020):
- New listings: 556 | 475 (-15%)
- Price changes: 152 | 163 (+7%)
- Under contract: 420 | 330 (-21%)
- Back from under contract: 35 | 24 (-31%)
- Sold: 412 | 269 (-34%)
- Average sales price: $261,356 | $265,666 (+2%)
- Median sales price: $219,350 | $241,900 (+10%)
- Average days on market: 66 | 58 (-12%)
- Median days on market: 22 | 21 (-1%)
Overall, it’s fair to say there’s an interesting dynamic in our market right now, but the market is strong nonetheless. The most attention-grabbing statistic is the number of properties sold, which was down by over one-third. The important footnote, however, is that if a home closed in May, chances are high that it went under contract in March or April—the period when we entered the COVID-19 crisis in earnest. The shelter-in-place orders and sweeping shutdowns that went into effect two months ago took a toll on May’s sold numbers. I anticipate we’ll see these numbers rise steadily as more and more people feel comfortable with coming onto the market and things slowly start reopening.
Many people would expect the number of properties back from under contract (meaning a deal fell apart and the home went active on the market again) would be much higher given the circumstances, but surprisingly it’s down quite a bit from last year. The change in median sales price shows us that the homes that are selling now are doing so at a higher price, often generating multiple offers in the process.
Overall, the market is very strong right now. We’ll continue to update you on any emerging trends we see. In the meantime, for those of you who are thinking about selling your home in the next six months, I’d like to share some good news:
We’ve found that we often get asked a lot of the same questions by sellers concerned about doing things right—especially amid uncertain circumstances. As such, we’ve put together a comprehensive home seller workshop that I’ll be hosting shortly. It’s a free, no-obligation event aimed at providing some helpful information for sellers in our area. We’ll cover the five important variables of a home sale and how manipulating those variables according to your specific situation will dictate how quickly you sell your house and how much it sells for. We’ll also be updating sellers on the most current market conditions.
Sign up at www.housesellinginsights.com. There are limited seats available, so act now.
As always, reach out via phone or email if you have questions about this or any other topic. We’re here to be a resource for you.