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August Market Activity in Livingston County
As the sun begins to set on summer, there are many women and men who have grappled with the question of whether or not now is the right time to buy or sell a home in Livingston County. For many families, traditional summer vacations were traded for backyard staycations and creative at-home summer camps. Our real estate agents at Griffith Realty understand that this summer has highlighted the need for specific features throughout your home, including dedicated office space, more exterior entertaining space, and separate transitional areas for your whole family to utilize. Thankfully, the market activity around Livingston County continues to be very accommodating to both buyers and sellers.
Current Market Activity in Livingston County
As the real estate industry continues to adapt and evolve to make the buying and selling process safer, swifter, and more streamlined, buyers and sellers throughout the nation are regaining confidence in the market. At Griffith Realty, we're taking the necessary precautions to ensure everyone's safety. The future of the real estate industry is more unpredictable than ever which is why we're reassessing the Livingston County market each month to determine how to best assist buyers and sellers with achieving their real estate goals.
During the month of July, Griffith Realty is pleased to report these Livingston County market trends:
- Even though the active inventory dropped by 30 percent year-over-year, July's active inventory of 566 was only down 4 percent compared to the previous June.
- The median listing price for properties was $374,000, an increase from both June's $359,000 and July 2019's $329.
- The average days for listed properties to stay on the market was 35 in July which was a 20 percent increase from 29 average days last year.
- The median sale price for homes this July was $297,000 an increased when compared to June' $291,000 average and July 2019's $280,000.
- The units sold in July of 2020 saw an increase of 5 percent year-over-year and a 22 percent increase from June of 2020. In July of 2020, 337 units were sold, with June seeing total home sales of 276 and July of 2019 seeing 319 total home sales.
What does this mean for buyers and sellers in Livingston County? Although the days-on-market indicates a potential slow-down, it may also be telling of how many buyers are touring homes with a critical eye. With more units sold and less inventory on the market, it may indicate that buyers took the time to find the amenities they desired and jumped on the opportunity to secure the home that meets their family's evolving needs.
Real Estate Transactions Amid the Coronavirus
Whether you're comparing market trends from year-to-year or from month-to-month, it's clear that July was a successful period for real estate buyers and sellers in Livingston County. If you're interested in buying or selling homes in Livingston County, but are uncertain of how the coronavirus may impact your real estate goals, we encourage you to contact us.