How did the Texas real estate market finish during the first quarter of 2020? I have the latest news for you today.
Although real estate is considered an essential business, we’re still sheltering in place. Despite that, we have the latest news and numbers from the Texas real estate market for the first quarter of 2020.
I read an interesting article recently that said, among other things, that Texas home sales increased in the first quarter of 2020. During the first quarter, 75,052 homes were sold. That was a 7% jump compared to the first quarter of 2019. The median price also increased by 5.1% to $241,500. The largest percentage of homes sold across the state was in the $200,000 to $299,000 price point. Here in Ellis County, that’s right in our sweet spot.
The article goes on to say they’re not sure what will happen in the second or third quarter. However, as long as people get their jobs back, we should continue to have a strong market.
Going into this pandemic, our market as a whole did not have an oversupply of real estate, which is a good safeguard. Specifically in Ellis County, we have just 2.4 months’ worth of inventory. That’s less than halfway to a buyer’s market. I’m hoping and praying that when we get out of this, unemployment numbers drop back down. If that’s the case, we may fare well later in the year.
What this article is really saying is that until we see those numbers for Q2 and Q3, we won’t have a clear picture of the effect that this crisis is having on our market. The good news is that we went into this disruption with positive velocity and we will be ready to come out the other side with a swift recovery. In the meantime, opportunities are everywhere and we Texans always outperform expectations.
Going into shelter-in-place, I was worried about our team’s numbers and whether the home sales would go down in Ellis County. So far, our numbers have been about the same as they were last year, maybe even a little bit better. Buyers still need to buy and sellers still need to sell and the industry is moving in the right direction.
If you have any questions for me about what’s going on in your area, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.