Market Update July 2020: Sales Prices Exceed List Prices

The housing market has experienced an incredible recovery after the lockdowns.

We broke numerous records in July, but a surprise development may signal the end to the summer boom.

A total of 3,536 home sales closed in July. That’s the highest number ever for a single month.

Sales shattered this record despite of an ever-shrinking inventory and a lack of new listings.

The average sales price has increased by 10.4% year over year. The median sales price is up by a stunning 11.4%.

For the first time ever, sales prices exceeded list prices as many buyers pay more than asking price for their home.

If you are currently looking to buy a home, you know how hard it is to win against competing offers.

We see buyers pay 10% or more over list price to get their offers accepted. And, they bring the cash to cover a short appraisal.

In a typical year the inventory would increase during the summer months and hit a peak in September.

Nothing is typical in 2020. High buyer demand has completely wiped out any new listings coming to the market.

Up until last week buyer demand was 20% higher than in 2019 as you can see in the Showing Request chart below.

On Thursday, however, there was a totally unexpected 22% drop in showing requests. This happened nationwide, not just in Ohio.

Maybe buyers cut back on house hunting as school starts.

Maybe it was just a blip.

Or, the housing boom may be over.

We will keep track of this development for you. Find weekly updates at:

Here are the highlights (numbers compared to the same month a year ago):

Download the full report at July 2020 Housing Data.

If you have any thoughts of buying or selling this fall, click here to schedule your FREE Zoom Consultation. Call or Text me at (614) 975-9650.