Sales Way Down But Prices Resilient
There was a significant 56% drop in sales compared to last month and 40% compared to April last year. Despite the considerable slowdown, pricing has remained somewhat resilient for the time being. The low amount of new inventory has likely been causal to this by maintaining demand for the listings available. There was a 35% drop in new listings compared to April 2019 and a 12% sales-to-active listing ratio. Typically there is downward pressure on pricing once the sale-to-active listing ratio drops below for 12% for a sustained time.
If you have questions about how a specific property type (eg downtown condos or WV houses) or area are preforming in terms of pricing and sales feel free to get in touch or you can find complete, detailed stats reports here.