What is usually the first big month of the spring and summer home buying season was significantly curtailed by the COVID-19 pandemic and the state’s stay-at-home orders. Single-family home and condominium sales in the Miami Valley dropped twenty-two percent April with 1,133 sales reported. This marks the lowest April home sales since 2014. Likewise, sales volume generated by April’s activity totaled $212 million, a seventeen percent decline from April 2019.
However, prices still continued their upward trend, with the average price improving six percent to $187,564 and the median price increasing eight percent to $163,000. These results are consistent with a recent National Association of Realtors survey which showed that 72 percent of Realtors reported no adjustments in home pricing as a result of the pandemic.
As a result of these April sales, the first four months of 2020 saw a decline, albeit minimal thus far. Through April, sales reached 4,431, only 42 units fewer than 2019’s year-to-date sales. Sales volume, however, continued its upward climb, coming in at $796.2 million so far in 2020, a nine percent change from 2019. The average sales price year-to-date stood at $179,691 and represented a ten percent jump over 2019’s year-to-date numbers. The median sales price also grew, from $139,000 in 2019 to $154,900 through April 2020, an eleven percent increase.
There were 1,372 new listings added in April, down almost thirty-three percent from last year, while year-to-date listings tallied 5,840, a 7.8 percent decrease from the 6,336 submitted through April last year.
The overall number of single-family homes and condominiums available in the MLS stood at 2,645 at month’s end, which represented a supply of 2.3 months based on April’s pace of sales.
|APRIL 2020 – MLS SINGLE-FAMILY & CONDO SALES|
|Total Sale Price||$212,509,712||$257,162,074||-17.36%|
|% Sale/List Price||99.6||99.1||0.50%|
|Median Sale Price||$163,000||$150,000||8.67%|
|Average Sales Price||$187,564||$176,501||6.27%|
|YTD JAN-APR 2020 – MLS SINGLE-FAMILY & CONDO SALES|
|Total Sale Price||$796,208,924||$729,666,487||9.12%|
|% Sale/List Price||98.6||98.1||0.51%|
|Median Sale Price||$154,900||$139,000||11.44%|
|Average Sales Price||$179,691||$163,127||10.15%|