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Market Update May 2020

We are so fortunate to have RE/MAX International that has a global perspective as a part of our business’ success.

Monthly they supply a housing report that provides us a good understanding of where the national real estate market currently is. We like to take a look at this and compare it to what is going on in Laramie County as well. We typically have similar results, but there have been different results because we have such a healthy real estate market. In fact, there have been times when there are downward trends Nationally and Globally and we are improving or staying the same. This is attributed to FE Warren Military Base and all the other government jobs. Additionally, Wyoming has a low cost of living compared to other states because of the low tax base. This is extremely favorable to those who are retiring or already retired because it allows their funds to go further.

Here are some clear national market indicators for May of 2020:

  • Home sales saw a 34% year-over-year drop.
  • The Median Sales Price went up 4.7% to $272,000.
  • The number of homes on the market dropped by 25% year-over-year.

These numbers tell us what we’d expect – the pandemic affected home sales. We need to keep this mind as it helps us to know if there may be later implications. However, as we move through summer, housing is poised to pick up once again. More than anything we want those interested in selling, to take the time to sell!

Months Supply of Inventory – Average of 53 metro areas

  • The number of homes for sale in May 2020 was down 4.0% from April 2020 and down 25.0% from May 2019. Based on the rate of home sales in May 2020, the Months Supply of Inventory decreased to 2.5 compared to 3.7 in April 2020, and decreased compared to 3.0 in May 2019. A six months supply indicates a market balanced equally between buyers and sellers. In May 2020, of the 53 metro areas surveyed, four metro areas reported a months supply at or over six, which is typically considered a buyer’s market. Those four markets were Indianapolis, IN at 6.4, Miami, FL at 6.9, New Orleans, LA at 6.1, and New York, NY at 9.6. The markets with the lowest Months Supply of Inventory were Albuquerque, NM at 0.9, Omaha, NE at 1.0, and a three-way tie between Charlotte, NC, Manchester, NH, and Denver, CO at 1.1.

And if you take anything away from this data – if you’re selling, your house is wanted, and buyers will jump at the opportunity. Plus, low mortgage rates make it an excellent time for buyers.  Feel free to view the full report here.

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