Continuing the examination of February sales stats from last week, we have data by number of bedrooms for single family homes in Hamilton County. Here are the highlights:
- Median days on market (DOM) declined for Feb 2020 compared to Feb 2019 for all but 5+ bedroom homes.
- This is the first time in four months that DOM was less for 2 bedroom homes compared to the prior year. I was looking for slowing demand, but it's not evident here coming out of winter.
- The median DOM for 5+ bedroom homes was much higher than the prior year, but I don't think this a signal of slowing demand. Prices were high as discussed below.
- Median sales price per square foot ($/SF) was higher for homes of all numbers of bedrooms.
- This increase was only slight for 2 bedroom homes
- 3 bedroom (+11.1%) and 5+ bedroom (+6.7%) homes had very strong increases in $/SF compared to Feb 2019.
Coronavirus - I expect there to be some impact on the local real estate market in the short term from coronavirus. Anecdotally, some people I've talked to are taking a cautious wait and see approach. I'll be watching DOM and number of new pending sales for any impact on demand and the number of new listings for any impact on supply.