Spring 2020 is upon us! With a full quarter behind us, I've compiled the market activity in the South Side. Note: the MLS does not differentiate between the Slopes and the Flats, so this data combines both.
Average Sale Price: 199,231 Median Sale Price: $172,500
Average time to sell: 116 days
Total closed sales: 35
Total closed volume: $6,973,076
The highest priced sale was a condo in the old St. Matthew's Church for $454,000.
The lowest priced sale was a home on Arlington Ave. for $2,000.
Trends: 2015-2020
As you can see, the South Side had strong showings in Q1 of 2019 and 2018, compared to annual numbers (charts below). However, this year, the median price of $172,500 falls well below any of the annual numbers from the last few years.
Don't forget—mid-March, the tail end of the quarter, is when we saw an extreme slow down due to the COVID-19 crisis. We do not know yet how many transactions were affected by the restrictions put in place, but the numbers are definitely influenced by Coronavirus. Plus, real estate agents were deemed "non-essential," and showings, listings, and sales came to a virtual halt.
TAKEAWAYS
For buyers: Now is a good time to buy! Prices seem to be trending low for some reason (probably a combination of factors—corona, anyone?), and with interest rates still hovering on the low, low end, there are some great deals to be had. If you are considering buying in the South Side, and have the ability to do so, don't delay! Who knows how long this dip will last.
For sellers: If you are considering listing your home this year, the best time may be coming up. In the past few years, the Q1 numbers were stronger than year end numbers, but some factors (again, COVID-19) are likely bringing 2020's numbers down artificially low. Hopefully, we will see a spike in activity and pricing in Q2 once the "shelter in place" order is lifted.
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