May 2020 Real Estate Update

Hi guys!

It’s the beginning of May and we’re still in quarantine! With everything shut down, life feels different but real estate is still moving along.

Prior to COVID-19, the Allegany/Mineral County market was really booming. We had a lack of inventory making it somewhat of a seller’s market and we were closing a lot of sales during the normally slow winter months. Everything was gearing up to be a great spring market and then…CORONA.

I have noticed a decrease in showings but my properties are still (safely) being shown. Obviously people do not wish to move in a quarantine but some people don’t have a choice. I feel that the amount of showings are decreasing but most of the buyers out there are very serious and are looking to put a home under contract.

The biggest issue we’re running into in Allegany and Mineral Counties is the lack of inventory. As I said, our inventory was already low before COVID-19 hit. We are not seeing our inventory refreshed like it usually is this time of year with new spring listings.

Allegany County

Active Homes- 242 (This is down from my February update)

Pending- 91 (This is up from my February update)

SOLD in the Past 30 Days- 55 (This is up from my February update)

Average Sale Price- $108,823 (This is up from my February update)

Average DOM- 113 (This is down from my February update)

Mineral County

Active Homes- 72 (This is down from my February update)

Pending- 23 (This is down from my February update)

SOLD in the Past 30 Days- 16 (This is up from my February update)

Average Sale Price- $138,316 (This is up from my February update)

Average DOM- 49 (This is up from my February update)

Click here to see my February 2020 Real Estate Update.

Takeaway?

This is the time to sell. Especially if your home is under $250,000. The more affordable homes are flying off the shelves! I have several pre-qualified buyers that would love an affordable home in Frankfort District in Mineral County and nothing to show them. If you are considering selling your home or know someone selling their home, give me a call!

Stay Healthy and Safe!

Ally