April brought some changes to the housing market in Locust Grove. If my late nights and constant ringing of notifications on my phone is any indication, then I would say that the housing market is seeing an uptick in activity from buyers. There are also positive things if you are a seller thinking about putting your home in Locust Grove or the surrounding area on the market. Let’s take a look.
Homes in Locust Grove for Sale in April
There were thirty eight homes in Locust Grove for sale in April. This is an increase of ten from March. The number of days on the market has decreased; this is always a positive thing for sellers who are eager to sell their homes. In April, the average number of days on the market was one hundred four. In March, it was one hundred thirty seven. The average listing price of homes in Locust Grove on the market in April was $449,035. This is a decrease from last month’s $541,154. While this appears to be a drastic drop in price, remember that there were two new million dollar homes on the market in March which inflated this figure.
What does this mean?
These stats tell me that buyers are moving faster in purchasing a home. There are also new sellers entering the market and that opens up new options for buyers who have been searching for a home, but have not yet found the one for them. A decrease in days on the market is beneficial to sellers since it lowers the carrying costs of the home especially for sellers who have needed to move before their homes sold.
Homes in Locust Grove Under Contract
A relatively similar number of homes went under contract in April (thirty five homes) and March (thirty seven homes). The days on the market for homes in Locust Grove under contract also saw a significant decrease from thirty nine days in March to twenty three in April. The average list price increased from $418,197 to $461,665. Remember those million dollar homes? They pushed this figure up this month. If you take out the two million dollar homes for a more apples to apples comparable then the average list price for homes in Locust Grove would be $403,282.
What does this mean?
As the days on the market increased in March, sellers were more willing to compromise with price. Whether this was through closing costs concessions or a price reduction, buyers and sellers were able to negotiate a price agreeable to everyone. If you are thinking of selling your home, then it will be important to talk with your Realtor® about the current market conditions as they often change. If you are curious about how much your home is worth, you can find out here.
Homes in Locust Grove Sold in April
Like the homes under contract, the homes in Locust Grove that sold in April, twenty eight homes, was a similar number to March’s twenty nine homes. The days on the market for sold homes saw an increase of eleven days. This would be reflective of the higher number of days on the market of homes for sale in March, since these were the majority of homes that sold in April. The average price of homes in Locust Grove that sold in April was $468,998. Once again, if we take out the two million dollar homes, the average drops to $401,228. Either number is an increase from March’s average of $382,583.
I will be interested in seeing the statistics for May. As the spring market continues, I am curious to see how this will influence the average days on market and pricing of homes in Locust Grove.
