Shown below, median prices are up .9% for “under contracts,” down .9% for “solds,” and up 4% for “for sales.”
When thinking about this, keep in mind what we learned last week about median prices.
During March and April, we had almost no activity in the high-end/luxury market, which shifted median prices down. Now that we are having more normal activity in the high-end/luxury home market, it is moving the median “for sale” prices higher. Right now, median numbers are pretty skewed as a ripple effect from COVID.
Practically speaking, what we're seeing in the marketplace is that turnkey "cream puff" homes in the under $1.5mm market are often getting multiple offers and selling 5-7% above asking, sometimes up to 10% above asking in recent weeks.
Homes that are not in cream puff condition may be selling at asking or below asking, depending on condition.
Right now, many buyers are not showing an appetite for projects, though investors are definitely looking for great deals on properties to redo.
So sellers, note that buyers may feel daunted to do big projects right now because they're unclear how permitting will work with the reduced city and county staff, how the supply chain will perform, if there will be reasonably-priced labor available, etc due to COVID.