Just as every other sector, the Real Estate market was also heavily impacted by the coronavirus epidemic.
Total closed sales declined for the entire country with Midwest region of the country taking the biggest hit at a 27% decrease compared to a year ago. However, inventory remains low and prices continue to increase.
How's the real estate market April 2020
Single Family Home Closed sales
Due to the economic disruption throughout the entire country, closed sales saw a huge decrease compared to March of this year as well as April of last year.
According to NAR, the United States saw a drop of 16.9% in closed sales compared to March of this year and 15.5% year over year.
The state of Florida and its counties didn't sit too far behind either, with a decrease of 20.7% in closed sales from a year ago, Lee county at 14.1% decrease and Collier County with a 20.1% decrease.
Median sales & Average Sale price
Median sales price did not seem to have much impact during the March & April economic down fall.
The same can be said for the average sales price, although, many people speculated prices would have decreased , they remained on the increase except for the county of Collier that saw a significant decrease.
The current average sales price for single family homes in the United States was $322,600, an increase of 5.9% from last year.
The State Florida also saw an increase of 3% for the month of April with an average of $362,734.
Lee county experienced an increase of 10.4% with an average sales price of $388,475 while Collier county experienced a huge decrease in price. The decrease of 18.1% from a year ago, puts the average sales price for the metropolitan area at $783,176. Does that mean that the region is getting more affordable?
Average days on the market
According to National Association of Realtors, "56% of homes sold in April 2020 were on the market for less than a month".
The average days on the market for the United State for April 2020 was 27 days, 28 days for the state of Florida, 48 days for Lee County and 64 days for Collier county.
Inventory remains tight in the entire country, seeing a decrease of 19.7% year over year with a 4.1 month supply of inventory.
For the State of Florida the situation isn't much different; the state experienced a 12.9% decrease and 3.4 months supply of inventory. Lee county at 22.9% decrease and 4.3 month supply and Collier county with 15% decrease and 6.5 months supply.
Although the economic downfall has seem to have temporarily impacted real estate sales, prices continue on the rise and inventory remains low. Considering mortgage interest rates remain low and the market remains favorable for buyers, we should see an increase in closed sales within the next couple of months.
All data and information provided by NAR, Florida Realtors and Royal Palm Coast Realtors Association