Coronavirus impact on Dunnellon real estate: activity is down but prices are stable

June 1, 2020

The big story nationally with real estate has been:  fewer buyers, but also fewer sellers & hence prices are staying about the same.  And that's pretty much what we're seeing here in Dunnellon over the past couple months.

Please note these stats are just from the Ocala/Marion County MLS.

For context, an average of about 45 homes sold in Dunnellon each month in 2019.  When the virus hit in March, we were just coming out of the typically slow winter season, but instead of jumping, activity dropped.  31 homes sold in March, 21 in April, and so far about 20 in May (though there will be more sales reported in coming days).

In 2019, the average home in Dunnellon sold for about $182k.  But look at the chart above for 2020:  the average home sold for over $195k in April and about $180k in May.  So, the coronavirus impact is more on activity than price.  But why is this?

It all boils down to supply & demand.

Right now, there are about 4 months supply of homes on the market in Dunnellon.  That is a very low number.  Generally, we regard 6 months supply as a "balanced" market.  Less than 6 months supply means there just isn't a whole lot to choose from, and buyers end up having to pay close to (or sometimes above) list price to get the home they want.

And given the low level of infection in our area of Florida, buyers will likely return relatively quickly as we get into the summer.  Unless a lot of sellers are waiting to list, we might see inventory go even lower.  So, buckle up!

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