What a quarter! We were in the midst of a crazy real estate market, and then we were ordered to shelter in place due to COVID-19. BUT check out the data below, Bridgeville enjoyed a fantastic quarter, despite the Coronavirus crisis.
Total closed sales: 11
Average sale price: $133,536 Median sale price $135,500
Average time to sell: 61 days
Total closed volume: $1,468,900
The highest priced sale was a brick ranch on Greenwood Pl. for $299,000
The lowest priced sale was a bank-owned property on Terrace for $25,000
Trends: 2015-2020
Look at those spikes! Both the median and average sales prices are way up in Q1 2020 compared to Q1 2019. In fact, prices are at the highest when looking at first quarter performance.
Now, if we look at year-end data from the past 5 years (below), 2020 prices are still below the last few years, but that is not uncommon. Usually, the year starts slower and picks up into spring and summer, so I predict that we will see some record sales once the "shelter in place" order is lifted.
Takeaways
For sellers: it's going to be a good year. It is hard to believe that the COVID-19 crisis did not have an effect on the market, which means activity should only increase. If this is how the market is doing during quarantine, imagine what it will be like when buyers are back at it, competing for the best homes.
For buyers: prepare, prepare, prepare! If you are searching in the Bridgeville area, be ready to move quickly once the "shelter in place" order is lifted. The way prices are increasing in this area suggests that there is serious demand for good homes in Bridgeville, so now is a good time to make sure your pre-approval is in order and that you are setup to get listing alerts as homes come on the market. The market will be competitive, but with preparation, you will succeed!
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c: (412) 200-8514
o: (412) 833-3600
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