Written by Steve Anderson, Broker at VIBE Realty
We were very interested to see April's market update come in, as we knew the numbers would give us a lot of insight on how things drastically changed throughout the month. This was certainly the case with new listings, which were down by the thousands compared to 2019. Keep in mind too, that this year was trending higher than 2019 before COVID-19 hit. So what is the real gap there? Hard to say for sure, but I would estimate we should have been closer to 10,000 based on what was trending.
On the other hand, buyer demand seems to be almost alarmingly high. By combining the increased average sale price with the decreased days on market, houses are selling faster and for more money than we've seen in recent history. Thinking of selling? :)
What's really interesting though, is looking at the months supply of inventory. This is the great way to showcase just how high demand is, as it takes into account how much time it would take for us to theoretically run out of houses to sell based on how many are being purchased. Spring is the season when we would typically see this number climb up consistently until mid-summer but, due to high demand and low inventory, it actually went down from March to April.
Basically, it was a tumultuous ride to get through April, but the good news is that the number of new listings does seem to be inching up by the day. As companies adapt to new showing rules, and regulations from the government continue to ease, sellers seem to be getting the point that now is really a great time to sell if you're looking to cash in on your home equity. See our list of updated COVID-19 policies
to get a better idea of how we can still safely help you with your real estate needs during these times.
Source: Northstar MLS | Twin Cities Region | April 2020