Summer 2020 has been a tale of two housing types in Murrayville. While single family home prices have been jumping, attached home prices have faltered.
Single Family Homes
Murrayville has a scarcity of detached homes for sale. With only 6 new listings in July and a total of 12 listings at the end of the month, buyers shopping specifically for Murrayville have found a serious lack of selection and are willing to pay a premium. The insalely high 75% sales to listing ratio has pushed Murrayville single family home prices from $1.094m in May to $1.114m in July, with no sign of slowing down.
The benchmark Murrayville townhome price has hovered in the same $628-632,000 range since March, including ending off at $629,000 by July. This is down slightly from June's $632,600, which is interesting considering the strong 68.4% sales to listing ratio that would usually come with higher prices as demand outstrips supply. However, this suggests that Murrayville buyers are limiting what they are willing to spend. Another part of this may be that some of the new townhomes in the area may not be selling on the MLS and might be a preference for many premium buyers.
Upper Murrayville's burgeoning apartment market saw sales climb into double digits for the first time since October.... of 2005! Of course, it's only 10 sales and we've historically never had so many apartments in Murrayville as we do now. We did have more resale units available in the past, such as in 2013 and 2015. Yet, Murrayville's condos prices have slid for 3 months in a row, from $451,900 in April to $443,800 in July. That said, the sales to listing ratio increased significantly from 16.7% to a huge 55.5% as a result of the increase in sales and decrease in new listings. If this trend continues, prices should either hold steady or reverse in August.
Murrayville Benchmark Sale Prices, All Housing Types, 5 Years
Murrayville Sales to Listing Ratio, All Housing Types, 1 Year
Murrayville Average Days on Market, All Housing Types, 1 Year