April is typically prime time for real estate, the spring market is in full swing with fresh new listings and buyers are out in full force. That was not the case this April as Metro Denver’s housing market saw a major decline with home showings dropping to a record low mid-April due to the Stay-at-Home order. Many sellers decided to wait out the crisis as there were only 4,679 new listings on the market, down 37.82 percent compared to April of 2019.
The news wasn't all bad though. The day the Safer-at-Home order went into effect, Metro Denver saw approximately 3,500 showings scheduled, more than any other Monday in 2020! Also, homebuyers realized this wasn’t a time for low-ball offers, big discounts or taking their time to make an offer. Home sellers received an average of 99.96 percent of their list price in April.
Where we go from here will depend on how effective the country responds as restrictions begin to lift. As more states begin to reopen businesses, and lessen or remove Stay-at-Home restrictions, the housing market could experience a boost, especially during the summer months. In fact, some markets are already showing signs of recovery.
Due to the spread of COVID-19, real estate professionals have had to adjust how we do business to continue helping buyers and sellers. We are currently seeing strict guidelines in the way we conduct real estate business. Be assured I am following the state and county guidelines to ensure the safety of all of my clients. If you are planning on selling or looking to buy, we will go over in detail the necessary guidelines as we begin the process.
If you have any questions, concerns, etc. don't hesitate to reach by email, text, or even a video chat. I'm sure we are all pros at Zoom meetings by now!
Here are some stats on our companies activity from last week.
RE/MAX Alliance Activity
April 26th - May 3rd
140 new listings
89 listings under contract
40 buy-side contracts
120 total transactions closed
I wish you noting but the best during this time and hope that you and your family are safe and healthy. Please feel free to reach out if you need anything.