March 2020 Housing Report
Average Price Up 4% with Volume Down 2% in March 2020
The Greater Louisville Association of Realtors® (GLAR) reported sales volume down 2% in March 2020 versus the same time last year. Year to date, the average price was up 4%. In Jefferson County, the average price was $227,832 and the median was $194,000. For all MLS areas, the inventory of available properties was 12% lower than at the same time last year.
GLAR President Kathryn Sotelo commented that, “The March sales figures were impacted by two weeks of Covid-19 related business closings. Our members saw 17% fewer homes go under contract compared to a year ago, and that will show in the April closing figures.” Sotelo also added that, “Realtors® are adapting to the environment where open houses are not permitted and private showings must be done in compliance with government guidelines. Virtual communication and electronic signature programs are now the norm. Real estate closings are still proceeding with only one party attending at a time, and without loan officers and agents present.”
The Chief Economist for the National Association of Realtors®, Lawrence Yun, recently noted that the national housing market was, “very healthy prior to the coronavirus-induced shutdown.” He added that contract cancellations and delisting activities were not dramatic in March, but that “the situation is fluid.” ShowingTime, the nation’s largest appointment setting service, reported a median decline in home showings of 50% during the last week of March.