The effects of the COVID-19 Pandemic are obvious and has changed everyone’s lives in many ways, the real estate market was no different.
Like many businesses, we have pivoted in providing our services virtually and digitally. For the first two weeks we waited for the Governor to confirm that Real Estate was indeed an essential service and that, following strict safety guidelines, we could continue to show properties to buyers. April’s market statistics clearly reflect a drop in sales for the first couple of weeks when everything came to a sudden halt. April also saw a decline in the number of homes listed for sale.
Here are some of the highlights from April 2020;
Total properties sold 94 – 69 homes & 25 Condos -44%
Median Sales Price for a Home – $1,200,000 -10%
Median Sales Price for a Condo – $791,000 +12%
Months of Inventory – 3.81
16% were Cash Sales
Despite all we are going through, we have some good real estate news. The median house price in our area has not dropped, and in fact, has stayed steady over the past 3 years.
There are many buyers still seeking to buy a home.
In some cases, we continue seeing multiple offers come in on many listings due to the fact that there is still a shortage of inventory. Right now we definitely have well-qualified buyers who want to buy homes.
We have quickly adapted to the changes in our industry and continue to go above and beyond to safely serve clients with excellence, not only in real estate but also by helping them in a myriad of practical ways as we face these new times together.
For a complete look at the real estate market report for April 2020 click the link below