Real estate market holds its own during shutdown
As real estate agents, we have been closely watching the real estate market in Hood County.
As we all continue to navigate the shutdown, knowing what is happening with home sales is a significant economic indicator.
When all of this began in March, many contracts were already in various stages of the sales process.
We did see some transactions fall out as a result of the shutdown; however, many have not. Surprisingly, our local real estate market has fared relatively well. We are continuing to see homes going under contract and transactions that are closing. Thankfully, the Hood County real estate market is holding its own during the shutdown.
Our April market statistics for Hood County were recently posted. While our active listings are up 12.7%, our closed sales are only down 4.4%.
Compared to other counties around us, Johnson County was down 20.8%, Erath County down 25.8%, and Tarrant County was down 23.1%.
Hood County continues to show a steady closing rate.
WHAT DOES THIS MEAN FOR POTENTIAL SELLERS, BUYERS?
First and foremost, with low-interest rates, this is a great time to consider buying or selling real estate. Hood County is still showing signs of strong home values. Many people are looking to escape the more substantial cities, especially after experiencing the quarantine.
ON THE MARKET 49 DAYS
Also noteworthy are the average days on market for homes. For April of 2020, our average is 49 days on the market. Compare that to April of 2019, and that is only three days longer than a year ago.
We continue to have people asking us how the real estate market is faring. Based on these latest statistics, it is certainly not all gloom and doom.
Now really is a great time to get into that larger home or to purchase your first home. As buyers, people are still seeking out Hood County as a place they would like to live.
Contact a real estate agent today to have your home assessed to list or to see what is on the market to purchase.
You might decide that now is the time to make your move! We are here to help, and we look forward to assisting you.
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