Lexington Market Report – 1st QTR 2020

On March 27, 2020, Governor Roy Cooper issued Executive Order 121 placing stay-at-home orders in place for North Carolina.  In the order, Real Estate was considered an essential business.  The order allowed real estate activities to continue.  However, because of the potential health risk to buyers, sellers, and agents, new policies have been instituted by real estate brokerages and agents to protect the public during this time.  Agents are scheduling buyers for virtual showings of listed properties.  Open Houses are also going virtual.

Spring is usually a time when sellers put their homes on the market for sale.  Let’s compare how many sellers listed their property in March 2020 to prior years.  The number of new listings in March 2020 is 76 homes.  In 2019, there were 74 new listings and in 2018 there were 77 new listings.  At least through March 2020, the number of new listings seems to be in line with prior years.  However, there is no way to tell how many sellers might have listed their property but decided to wait.

Closings continued in March 2020; there were 68 closings of Single-Family Homes.  Compared to prior years, 62 homes closed in March 2019, and 51 homes closed in 2018.

New Listings and Closings per Month

At the end of the 1st QTR 2020, there are 205 Single-Family Homes and 11 Townhomes pending in the Lexington Real Estate Market.  Inventory at the end of March is 183 Single-Family Homes and 2 Townhomes available for sale.

The Median Sales Price for Single-Family Homes is $169,500.  This is an increase of 20.2% from 2019 when the Median Sales Price was $141,000.  The Median Sales Price for a Townhome is $257,245.  This is an increase of 7.2% from 2019.

The Average Sales Price for Single-Family Homes in Lexington is $ 197,276.  This is an increase of 23% from the 4th QTR in 2019.  The Average Sales Price for a Townhome is $ 233,199.  This is up 19.8% from the 1st QTR in 2019 when the Average Sales Price for a Townhome was $ 194,708.

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A total of 208 Single-Family Properties closed during the 1st QTR in 2020.  This is an increase of 24.6% from 2019 when there were 167 closings.  To understand how fast this market is moving, 48.5% of the closed homes in the 1st quarter 2020 were under contract within the first 30 days.

A total of 4 Townhomes closed during the 1st QTR in 2020.  This is a decrease of 42.9% from 2019 when there were 7 closings.

Analysis of the absorption rate indicates an inventory of 2.4 months for Single-Family Homes and a 1/2 month supply of inventory for Townhomes in the Lexington Real Estate Market.