Summer Selling Season is Now: June's real estate activity increased as the county went from being shut down in March, April and May to opening up a little bit late May and early June. Typically August and September are very robust for real estate sales, and as we start August, it appears to be the same this year.
Percent of List Price to Sold Price: The percent of list price to sold price in the initial stages of COVID-19 was heading towards about 96%. The percent of list price to sold price in July was close to 98%.
Showings of Properties: Our company's showings of properties for sale (RE/MAX's Listings) continues to outpace the same time in 2019. July's showings were up 34%. The demand for resort properties remains strong.
Number of Sales: Year to date, the number of sold properties is still recovering from being shut down in March and April, with total sales down about 15%. June and July were starting to correct the downward trend, and July sales were up 22% over July 2019.
How Much is that Home? Prices are about the same as last year. The average sold price so far in 2020 is up 2% over the same period in 2019. On average, residential property will sell for $838,000. The average sold price of single family homes is $1,328,000; for condominiums it is $517,000.
Inventory: Typically this time of year, the inventory continues to increase, however the number of properties for sale started declining in June and continued in July. The inventory of available properties for sale in the first part of August is down19% as compared to the same time in 2019.
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