With February 2020 behind us, it's time to look back at the sales data for the month. Here's the first look, a full two weeks before CABR releases their data.
- Sales were up for Feb 2020 compared to Feb 2019 by a modest +2.1%
- Average sales price was actually down -3.4% compared to the same time last year
- Median sales price was nearly unchanged at +1.5% compared to Feb 2019
- In contrast, average sales price per square foot ($/SF) was up +2.8% and the median $/SF was up +8.2%
- Median days on market was down from 15 in Feb 2019 to 11 in Feb 2020, showing further tightening of inventory.
The modest change in median sales price and the decline in the average were a little surprising, but the median $/SF is in line with expectations given the tightening inventory. I expect average and median sales prices to continue to increase.
You may be wondering what impact coronavirus may have on the real estate market. At this point, it is speculation, but near term effects could be a reduction in buyers actively searching for homes, which could increase days on market and reduce prices slightly. Whether the impact is measurable depends upon the amount of disruption in our daily lives.