As I continued to track the original list price to sale price ratio broken down into 2 week increments by price range, I saw some interesting data. In April, there was only one listing under $500,000 and that house was under 1700 SF. Given that there are only a couple of homes that small in Steiner Ranch, the under $500,000 price point might be a thing of the past. We continue to see ratios across all price points at or above 100%.
We continued to see cash buyers on about 1/3 of the closings in March, dropping down to about 1/4 in April. Most offers with financing are coming in with appraisal waivers (meaning buyer is waiving their right to cancel due to appraisal and has funds to close the gap between appraisal and purchase price) however I know of several appraisals that have come in at value or even above the sales price on listings that went significantly over the list price.
When looking at all price points together, the average sale price to original list price ratio in 78732 was 113% in April, same as March and slightly higher than February.
I’ve been telling you all year that our inventory levels have been consistent with years past but the number of new listings in April exceeded the number of listings in April of 2020 by 15%. Given that April 2020 was the first full month of Covid, it might be more appropriate to compare it to April of 2019. We had 13% less new listings in April 2021 than April of 2019 and 34% less than April 2018.