What a surreal month it’s been for our market. As we geared up for another spring frenzy, our real estate industry contended with rapid changes and increased uncertainty.
If you haven’t heard, Governor Polis’ Stay-at-Home Order deems real estate an ‘Essential Service.’ It’s a relief for many buyers and sellers. My clients’ health and safety is a primary focus, so I’ve adjusted my operations according to Colorado’s Dept. of Public Health guidelines:
Open houses and showings are currently on hold.
No-Contact Transactions – closings are done by mail or curbside with title reps.
Our new contract, the COVID-19 Addendum, provides extensions if clients must quarantine, etc.
Virtual tours, Zoom, and FaceTime are part of my everyday tools.
Buyers can visit homes after they’ve gone under contract.
Sellers can prepare and list their properties while following social distance guidelines, etc.
Across the metro area, real estate continued (source: DMAR Real Estate Market Trends Report):
New Listings: 30% more homes came on the market than in February. While a portion of sellers withdrew their listings towards the end of the month, our inventory remained solid.
Sold Homes: 8% more homes went under contract and 12% more homes sold.
Average Days on Market: Sellers accepted buyers’ offers 24% faster (29 days vs. 38 in February).
But the big news: the Average Sales Price was a record-breaking $513,526 (wow). If you were concerned this recession could be a repeat of 2008 (when we had a surplus of inventory that sat on the market for months), so far our market is not following suit. The demand for listings remains high and interest rates remain low.
In our unpredictable times, I understand and can relate to the fears, concerns, and challenges impacting our community and perhaps you personally. If you need any resources or support, please don’t hesitate to reach out. Right now, living in a safe and comfortable home matters more than ever.
If you’re considering buying or selling (now or in the future), I’m always available to chat about your needs, provide a virtual consultation, and update you on our market’s shifts. We in the industry will continue enhancing our processes to provide you the best care. After all, as real estate professionals, adaptability is one of our biggest strengths.
And if you know anyone needing to buy or sell, your referral would be very appreciated. Take care.
James Button: 303-547-4776, firstname.lastname@example.org