I can be at the gas station filling my tank, walking down the street, or talking to a friend on the phone and many times I hear the same question asked, How's the Real Estate Market? I usually give a fairly concise answer that it is good, bad or in the middle. But I usually don't have exact numbers in hand to offer. With all the recent shutdowns in the market place due to the Virus which shall remain nameless, I was surprised to see just how strong it has remained.
First quarter this year compared to last shows my county, Cherokee county, sales were up 4.1% Of course this was somewhat before the virus really took hold. For just the month of March, when the virus was gathering steam, sales were still up 1.5% from March of last year.
What I find very interesting is that the Average sales price of a home in Cherokee county rose 7.6% to $338,712, and the Median Sales Price rose 10% to $306,540!
While we are still seeing a good number of closings happening in the county, new listings appear to be way down. Looks like in the next several months we will run out of the properties scheduled to close and the lack of new listings could be a telling sign of things to come.