If you are looking to sell, now may be a good time. Homes this April went under contract an average of 18 days after being listed, which is about twice as fast as this time last year. In addition, these homes are selling 10% higher than last April and 7% higher YTD, continuing an upward trend in home prices that generally started in 2013. Although data is yet to be released for May, we are likely to see similar numbers.
This increase in home prices is driven by low inventory and high demand. The amount of homes available for sale decreased by 13% over last year, resulting in home sales in our area for the month of April being down 19% from last year and contracts down 24%. This makes April the lowest selling activity we have seen this year. Nevertheless, as the local economy begins to reopen from stay-at-home orders, these trends may change. In fact, the mortgage industry just released this week mortgage applications are increasing, indicating the return of buyer activity into the market and more houses becoming available. The real estate industry around us is still going strong and continues to move forward.