Housing Market: Reviewing April 2020

Time is still flying by... It's May already, and that means it's finally time for another market update. Let's look back at some market stats for April shall we?This time around, we pulled numbers that are more focused on the towns we typically service. On that note, if you ever want stats for a particular area, just reach out to us and we will put them together for you.

We analyzed Single-family and Condo sales in: Canton, Easton, Franklin, Foxboro, Mansfield, Norton, N. Attleboro, Sharon and Wrentham

Total Inventory

April 2019: 593
April 2020: 280 (-52.8%)

Listings Gone Pending

April 2019: 458
April 2020: 247 (-46.1%)

Average Price

April 2019: $461,315
April 2020: $448,325 (-2.8%)

As you can see, the Total Inventory is quite low right now, there are over 50% less homes on the market than in April 2019. Total Listings Gone Pending are also lower, but proportionately so. Interestingly, a higher percentage of the listings in 2020 have gone pending. Finally, the average prices are down, but only by 2.8%.

It's probably safe to attribute this small decline in value to the state of consumer confidence at the moment. Mentally, most buyers are looking for a deal, even if it's a small concession on the price of the home. In reality, the sellers are still in the driver's seat for most deals. With inventory this low, many deals still involve multiple offers, or at the very least a decent amount of buyer interest. In fact, Days on Market are incredibly low right now at an average of 20, compared to an average of 64 in 2019.

Ultimately, if a home is priced right and marketed well, there should be no problem finding a buyer.If you're curious about what that means for you in terms of your home's value and your family's future, please contact us. We'd love to chat.