Matthews homes sales were significantly impacted in April 2020 by the corona virus restrictions, which prohibited all in-person home showings in Matthews. As a result closed and pending sales, new listings, inventory, months supply of homes, days on market all dropped compared with April 2019. Given the lack of inventory, no surprise that median home sale prices increased almost 11% and the median sale to listing price ratio was 100%.
Matthews Home Sales Update: April 2020
Latest news on the Matthews real estate market and what it means for you…
Matthews housing market saw a definite impact from corona virus restrictions in April with the months supply of inventory razor-thin at 1.7 months (down 23.2% year-over-year from 2.4 months). Inventory of homes was down 25.2%. New listings also decreased 33% versus the same month one year ago. Normally, one would expect inventory and new listings to increase for the height of the spring home selling season.
Average sale prices of homes decreased 2.2% year-over-year to $319,611, while median home sale prices increased 10.7% to $310,000 year-over-year. Median home sale prices also increased month-over-month. The decrease in average sale prices is less indicative of lower home values in Matthews than of the price mix of home sold in April. Price per square foot increased 4.5% year-over-year to $140/square foot (up $6/square foot).
Average days on market were 32, down 16 days from one year ago. Median days on market decreased by 6 days to 5 days versus one year ago and were 2 days lower month-over-month.
Closed sales decreased 14.5% year-over-year. Pending sales dropped 42.5% year-over-year. No doubt, the very restrictive COVID-19 stay-at-home orders in April, which prohibited in-person home showings in Matthews/Mecklenburg County the entire month of April played a significant role in the drop in closed and pending sales. Home showingsduring the month of April fell drastically — by more than 75%. There were 413 showings in Matthews in April 2020 as compared with 2,052 showings in April 2019.
With a median selling price of 100% of asking price (up 1.2% over April 2019), buyers should expect minimal room to negotiate.
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This Charlotte, North Carolina real estate monthly update for Matthews is provided byNina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Matthews area specialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Matthews area home buyers and sellers for 20+ years.
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