How Did May Wrap Up for the Cobb County Market?
Here’s what to know about our market’s May 2020 performance.
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What happened in May, and what does our market’s performance tell us about the future? The average sales price for all of Cobb County is down 1% year over year; however, it rose in some pockets of the county. East Cobb County, for example, saw an almost double-digit increase, and the market remains strong overall. New listings were down about 28%, but that’s not surprising, seeing as a quarter of the people who would have otherwise listed their houses decided to hold off (quite understandably) amid the global pandemic.
Inventory for May also dropped 25% over last year. Here’s probably the most attention-grabbing number: Closings in May 2020 were down 38% from last May. As a team, we had 12 closings this May versus 24 last May. We’ll just have to see how this trend continues, but we do feel that as the market continues to get its bearing after the shock of COVID-19, there will be a big catch-up in the second half of the year.
The days on market for May 2020 was 32 days—down 6% year over year. This means that homes are selling faster, which contributes to the lack of inventory. In May, sellers were getting 98.7% of the asking price for their homes, which is about what they were getting last May. The sellers who did decide to list amid the uncertainty are feeling grateful because they ended up selling faster and still getting top dollar.
"The market remains strong overall."
The average price per square foot increased in Cobb County by 3.8%, which is great news. How many showings did it take for homes to sell in May? Well, this May it took on average 18 showings to sell, which is 11.5% more than last May.
So, what’s in store for June? We believe we’ll begin to see the average sales price for all of Cobb County rise as days on market remains low. Hopefully, more inventory will come our way.
In the past two weeks alone, our team has put 25 buyers and sellers under contract—25 people who are taking advantage of this incredible seller’s market (with remarkably low interest rates to entice prudent buyers). This is truly a unique market, and there are opportunities if you’re well-prepared.
If you have questions about your situation and whether you should make a move now or wait, reach out to us by phone or email any time. We look forward to hearing from you, and remember: We're always here to help!