Market Overview – 2020 Starting Off as Good as 2017!
2020 remains 23% ahead of 2019 at this juncture! In fact, this is on par with the start of 2017 and will all market segments participating in the current run.
SFR inventory dropped to 1.9 months overall fueled by an increase in closings and despite a sizable number of listings taken last month. Again, there is a wide variance from community to community – ranging from 1 to 17 months of inventory – depending upon the specific community. The level of over pricing The SFR Over Pricing Index dropped to 45% This is due in part to many older listings finally selling at the same time that a very large batch of new listings hit the market!
There were 4229 residential listings taken in February in addition to the 4138 residential listings taken in January 2020. Similarly there are now 909 more pendings than at this time last month, which represents a 19.8% increase in escrows over the previous month.
The median closed sales price of an SFR rose sharply from $305,000 to $316,000 – which represents a increase of 3.6% from January 2020. Similarly, the average closed sales price of an SFR went from $357,004 to $371,338. That’s 4.0% increase from January 2020. Generally, there was once again a little more cash in the market last month but financed transactions did not seem to struggle as much this month as last month. What did stand out was another contraction in the residential market closing at and below $250,000. It was this combination of fewer closings at the lower price points combined with an overall market appreciation across all price points that pushed both the median and average closing prices higher.
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The 2020 MLB Season Openers are Straight Ahead!
Three thoughts for the start of another MLB Season:
- Put Pete Rose in the Hall where he belongs! Hell, make him Baseball Commissioner!
- Ban the Houston Astros from 2020 Post Season Play!
- Congratulations to Derek Jeter!!