COVID-19 Pandemic Impact on Market Still Uncertain

Real Estate

April 2020 Metro Denver Market Update

COVID-19 Pandemic Impact on Market Still Uncertain


At the beginning of March, the market was strong and active, but showings during the last week of the month were down 50 percent from their peak between March 4th through the 10th. Although real estate is categorized as an “essential business,” the short-term and long-term impacts of the COVID-19 pandemic and the “stay at home” orders across the state are still unknown.

March’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
·        The average price for homes sold during the month increased 5.5 percent from the previous month and 7.3 percent from a year ago;
·        Active listings rose 19.5 percent compared to the previous month but were down 8.2 percent from this time last year; and
·        The average days on market was down 24 percent from the prior month and 9 percent from a year ago.

Heading into April, it is still a seller's market, but buyers can take advantage of record low interest rates. For those who need to buy or sell a home at this time, some tips to do so safely include:
·        Take advantage of virtual tours and videos so potential home buyers can see the home before making an in-person appointment. 
·        When visiting a home, wear masks, gloves and booties, and wash your hands or use hand sanitizer.
·        Ride separately from your agent, stay 6 feet away from each other, and limit the number of surfaces you touch.
·        For sellers, leave doors open and lights on to limit the number of surfaces those touring the home need to touch, and wipe down surfaces after every showing.  
·        Ask about drive-thru closings in which most of the paperwork is completed over the phone, and on closing day, the documents can be signed from the car.

If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or ladawn.sperling@coloradohomes.com. I am never too busy for your referrals.

LaDawn

This update is based on information provided by the Denver Metro Association of Realtors® for the period of March 1, 2020, through March 31, 2020, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.