Between April 16 and May 13, within a 45-mile radius of 25401 in Berkeley County, West Virginia, real estate transactions in the price range of $30,000 – $300,000 charted 470 new listings, 407 Active listings w/contract, and 792 closed real estate transactions. The days these listings were on market recorded during this period were 1153 listed for 45 days, 583 listed for 90 days, and 826 listings listed for 91+ days before going under contract.
Here is a Berkely County, West Virginia market comparison:
The listing average closed versus original listing prices during this period is 96.97%, with the average days on the market of 40 overall. As you can see in the comparison chart below, the current inventory is much lower than it was this time in 2019. This decline in West Virginia’s real estate inventory started in April.
Nationally, there were increased homes sales in January and February 2020 accounting for the sustained acceleration of home prices seen in the March HPI. CoreLogic continues to monitor shifts in the housing market and economy in light of COVID-19, and, in the coming weeks, homebuying activity will likely continue to be tempered by unemployment and recommended ongoing social distancing practices. We can expect to see home price growth slow drastically in response to this declining demand, with the HPI Forecast predicting less than a 1% annual increase in home prices by March 2021.
Nationally, the year-over-year home price changed by 4.5%. No states posted an annual decline in home prices in March 2020. The 30 days or more delinquency rate for February 2020 was 3.6%. In February 2020, 3.6% of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents a 0.4% decline in the overall delinquency rate compared with February 2019.
In February, for the fifth consecutive month, no states posted a year-over-year increase in the overall delinquency rate, and Mississippi and Maine (both down 0.9 percentage points) recorded the largest declines. Only four metropolitan areas recorded small increases in overall delinquency rates and eight recorded increases in serious delinquency rates.