Looking at the statistics for the month of May, we are seeing similar trends to April in terms of it being a seller’s market. In Medina specifically, we are seeing a small increase in the average price of home at $210,900 (up 2% from last year) as well as an increase in the number of homes sold (22, which is a 22% increase from last year!) We are seeing a decrease in the number of new homes to market (16, which is down 24% from 2019) which likely explains the increase in average price of home. Less homes on the market means less competition, which means that homes can go more per square ft. than they would if there was a larger inventory. We are seeing an increase on days on the market, the average being 64 days on the market, up a whopping 85% from 2019. With all that is currently going on with the virus, there has been a bit of an interruption to the market, which helps to explain the increase in days on the market as well as the decrease in new homes to market.
Looking at Gibson County as a whole, we are seeing the median price go way up (46%) to $172,000, as well as a shorter amount of time on the market – average of 52 days, down 23% from 2019. There were fewer homes new to market this year compared to last year (72 homes, down 18%) which leads to less homes sold (52 homes, down 22%.)
In short, we don’t have enough inventory for what the market is needing, which is leading to higher costs per square foot as well as a more competitive landscape for those looking to buy a home. I am seeing homes going pending incredibly quickly – which is why it’s more important than ever to go into this process pre-approved and ready to make an offer. For some details on the steps you need to take if you are buying a home, check my steps to a real estate transaction here or visit my resources tab for lender and finance information.
For those of you who are selling your house, this means positive things for you – you may be able to sell your home at a high price, and there will be less competition in terms of other homes. Home staging as always is important, and marketing your home properly in the market will ensure things move quickly. For some details on things I can do to help get your home positioned in the market to meet your selling goals, visit my listing tab or check out my reviews.
Would you like to know more about what this means for your own unique situation? Text or call me at 731-697-8558 or 731-668-1777.