April 2020 numbers
I hope everyone is staying healthy and safe. April of 2020 saw a 14% increase (updated) in single-family sales in Plymouth vs. last April. We had 66 sales (updated) in 2020, and we had 58 sales in 2019. Most of these sales, however, went "under agreement" (purchase and sales agreement signed) before the coronavirus shut-down started in mid to late March. Due to this, it doesn’t quite capture the impact of the virus. The Median Sale Price was up 16%.
Listings on the last day of April 2020 were at 149 homes being offered for sale, which is down apprx. 31% from last year when we were at 216 homes for sale. This clearly shows the impact of the virus as this number is well below the norm, causing a shortage of listings at the current time. When you factor in the number of sales we have had this year (a 5 year high so far, partly due to a mild winter, historically low interest rates, plus we had sales consummating that went under agreement in 2019), we have about 2 months supply of inventory based on the current absorption rate.
At the current time, health crisis aside of course, this is an opportunistic time for homeowners selling their homes, and buyers are at a disadvantage due to low inventory and high buyer demand (more competition). I looked for houses that went under agreement for the month of April (this year vs. last), however the MLS does not allow you to customize a search for historical listings/under agreements, unfortunately. This would be an excellent way to track the current Demand with the virus impact calculated in. Year to Date totals are available, and there have been 280 houses that went under agreement so far “year to date”. This is a 5-year low, but only a 5% drop from last year at this time. This does show that there has been some impact on demand/sales activity, as late March and April under agreements are in this total. Sales totals in May and June and beyond will feature homes that went under agreement during the health crisis, and will give us a better indication of the impact it has had.
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