Do I Stay Or Do I Go-Part II
How The Pandemic Affected Home Sales In April-The Numbers
Although people buy and sell homes year-round, Spring always brings a burst of activity in the real estate business.
Not in 2020. This year the Spring Selling Season is pushed to the Summer Selling Season as Sellers hold back listing their homes during the global health crisis. Last month in Davidson County, New Listings were down 21.3% from April 2019. The Average Sales Price was up 1.9%.
This trend is reflected in a key number in the chart below, Months Supply or absorption rate, which is the rate at which the market is selling properties. How long would it take to sell the current inventory if no other homes came on the market? A balanced market is 5-6 months.
At 2.6, the Months Supply in Davidson County is extremely low, meaning advantage Seller.
Undoubtedly as consumers begin to feel more confident about their jobs, their health, and the local and national economy, more buyers and sellers will be in the market. The life changes that prompt house moves didn’t just come to a halt when the virus came to town. But how exactly this all plays out remains to be seen.
APRIL 2020 Davidson County
Single Family Homes
|March 2020||April 2020||April 2019||% Change
|Homes For Sale/Inventory||2,684||2,458||3,131||-21.5%|
|Days on Market|
Days on Market: Median or average number of days between when a property is listed and when an offer is accepted in a given month.
Months Supply: The inventory of homes for sale at the end of the given month, divided by the average monthly Pending Sales for the last twelve months. Also known as absorption rate.
Source: Realtracs a/k/a the multiple listing service