There is no doubt in anyone’s mind that COVID-19 has rocked our economic world. We know that there WILL be a rebound the question is when?
What I have been saying and will continue saying is that our local Real Estate market is showing its sustainability through this, likely due to the Fed’s decision to keep rates at all-time lows matched with local supply & demand.
I have attached April’s numbers showing however that the Real Estate market was most definitely effected just like the rest of the world, the difference being we already had a shortage of homes forcing some buyers to stay in the field and allowing more opportunities to purchase as some chose to exit until the end of this health crisis.
The same occurred on the listing side. Some sellers needed to continue their path to move while others exited the market to wait this through. This also fueling the sustainability of the market …. Created a larger deficit in our supply.
Spring is statistically the HOTTEST market locally and seeing numbers decrease from the month previously again shows we were certainly effected. The one number however showing sustainability is the Average price increased market wide along with the new numbers presented for the 1st week of May. As we enter Phase 1 of the economy re-opening our numbers are already reflecting more of a “normal” spring market and tracking to exceed both March & April.
Please take a look at the attached stats sheet and reach out with questions. The stats below lead us to believe our HOT spring market will turn to a HOT summer/fall market. Leaving the 1 open question….
Will Real Estate lead us to our economic recovery or will COVID strike again creating a relapse in the fall?
We are hoping our “new normal” will continue to keep people healthy, by wearing gloves, masks, shoe covers, hand sanitizer, showings by appointment only and virtual open houses. We MUST continue to focus on the safety to make certain we do not relapse to another shut down in the fall.
We are seeing success stories across the board and we are here to help you when you are ready to climb back in to the market and start that next chapter.