Summer is in full swing here in the Greater Lafayette area, and despite the strange circumstances, I hope we’re all finding a way to enjoy it as best as we can. I know the Grove family is doing its best!
Speaking of strange circumstances, the pandemic hasn’t done anything to slow down our housing market. Things are just as nuts as they were when I last wrote about the housing market back in mid-March.
Let’s break down the stats from the second quarter of 2020, shall we?
Number of New Listings on the Market
For the WLSC, we had 101 homes listed during the second quarter of the year, down just slightly from 108. So, you can see that the pandemic really hasn’t impacted the number of homes listed in our area at all.
For Tippecanoe County, there was a difference. There were 945 homes listed this year versus 1175 listed last year. It’ll be interesting to see if those listings come on the market this summer, or if people are just going to wait it out until they feel more certain about people coming through their homes.
Number of Homes Sold
As for number of homes sold, it was 68 this year versus 86 last year in the WLSC area, so there are definitely were fewer closings—likely due to lack of inventory. That held true in Tippecanoe County as well, with 901 closed homes versus 726 closed homes last year.
Average Days on Market
Now, this is really interesting. Last year, the average days on market was 37 for WLSC. This year, it was just 11 days. That’s, right—11 days, people. Homes in this school district are getting snapped up instantly because there just aren’t many options.
For Tippecanoe County, there isn’t such a drastic difference, though homes are still moving faster than they were last year. Last year, homes were sitting for an average of 28 days, and this year, it’s just 21.
Median Sales Price
Let’s talk about median sales price. Let me tell you, home prices are good for sellers. In WLSC, the median sales price was $230,000 during the second quarter, while last year, it was $219, 050. The price per square foot went from $132.87 to $136.81
In Tippecanoe County, that number was $192,500 this year and $182,000 last year. The price per square foot went from an average of $111.15 to $119.49, so that’s some nice appreciation.
Thinking of buying or selling during this crazy time? Give me a call at (765) 427-7000. Let’s do it together!
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