February has one additional day in a leap year. It’s something to keep in mind when comparing stats to prior Februaries. That one extra day could make a difference since it gave agents 3.57% more time (1/28) to put together deals this February versus last year.
As the chart above shows, this February’s performance overwhelmed last February’s performance. There was a 22% increase in the number of deals, which extended the results observed in January. It is safe to conclude that the 2020 market is simply much more active than 2019, and that the leap day was not a meaningful factor.
Breaking down the year-to-date contracts by price band, the data shows gains spread throughout the middle of the market. The 38.8% jump in sales in the $200,000s certainly stands out considering all of these numbers are compared to a very strong baseline from 2019.
All the demand for homes in the middle and lower price points has pushed inventory down to levels that are well into “seller’s market” territory. Agents generally consider a segment to favor sellers when there is less than 3 months of inventory available. That condition is met for all price points below $400,000 as of the end of February.
We should also note that February is often the low point in inventory in the annual real estate cycle. We expect to see more homes coming on the market in the coming months.
Interested in a move? We have the experience and analytical ability to help you successfully navigate this unique market environment. Call Kyle at 860-655-2922 or Amy at 860-655-2125.
