Spring Push: Buyers Return in April, Driving Sales Up 9% Over 2018
Median Sale Price Steadily Rises 1.3% from April 2018
Real Estate Market Commentary for April 2019:
For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic
toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from
record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate
markets. However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is
Closed Sales increased 10.8 percent for Residential homes but decreased 2.5 percent for Condo homes. Pending Sales increased 7.0
percent for Residential homes and 7.9 percent for Condo homes. Inventory decreased 12.2 percent for Residential homes but remained
flat for Condo homes.
The Median Sales Price increased 1.5 percent to $172,500 for Residential homes and 2.2 percent to $163,500 for Condo homes. Days
on Market increased 4.4 percent for Residential homes and 35.5 percent for Condo homes. Months Supply of Inventory decreased 10.3
percent for Residential homes but remained flat for Condo homes.
Although hiring and wage gains have been below expectations, the national unemployment rate held firm at 3.8 percent. A historically
low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will
need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to
occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.
Single-Family Real Estate Quick Comparisons:
- Across the combined categories of Residential and Condominium, Days on Market increased by 4 days Y-O-Y from 43 to 47.
- April saw an average of 9.1 showings per listing across the entire MLS. This was down M-O-M from 9.4 in March and down Y-O-Y
from 10.3 in April 2018.
- 2.9% of Residential and Condo On-Market listings are flagged as “lender mediated”. These listings include foreclosures and those
marked as short sales. This percentage decreased by .5% M-O-M and is down 1.5% Y-O-Y based on the recalculated percentage for
April 2018 which is 4.4%.
April Five (5) Year All-MLS Median Sale Price Trend for Res & Condo Sales
* = Recalculated figures pulled from Realcomp’s MLS statistical database as of 5/09/2019.