Affected Home's asking price, per square foot

What sellers have been asking for their homes under $500,000 seems untouched by Covid 19. With only one small dip the asking prices per foot have continued to rise. The rise in price per foot in 2020 has out paced both 2018 and 2019 year over year increases.

$500,000-$1,000,000 has also seen a healthy increase of 3% in asking price per foot in 2020. The $1,000,000 and above is slightly up since the beginning of the year but still off its peak in 2020. The luxury market was hit at its peak season and is our city’s most seasonal real estate market. We will see if those buyers travel a bit less this summer and do a little home shopping.

Under contract homes rebound from recent lows

The number of under contract has made a sharp correction from their deep decline weeks ago. Currently we are just under 2019 levels. Not all areas and price ranges have recovered equally.

Prices Strong Despite Lockdowns Hindering April Sales, NAR→

Great article from NAR discussing that prices are staying strong on nationally.

Housing Inventory by Price Range

Buyers’ frustration and opportunity. The inventory of homes on the market varies wildly by neighborhood and price range. By cutting the market in half we see the differences quickly. The first graph shows the amount of homes for sale in “Days of inventory” of homes under $800,000. This number has it’s flaws but illustrates we have about 40 days of inventory. The second graph shows that right now the market above $800,000 has nearly 200 days of inventory. I would also say that 200 days does not reflect the number of potential sellers in this price range that would like to sell. We saw many homes in the upper half cancel their efforts to sell their home during March and April.