April is normally the height of the spring real estate market. Buyers are out shopping for new homes in preparation for summertime moves. Numerous properties are coming on the market daily, and well-priced and well-maintained homes are quickly getting sold.
This past April brought a much different market, as the coronavirus pandemic continued through the month. We saw a much slower start than usual, as a result of stay-at-home orders, social distancing, and economic fluctuations. A number of consumers started to pause their real estate transactions toward the end of March and that continued into April.
As we moved through the month—and more recently in this past week—real estate activity has been trending in a more positive direction. Active, coming soon, and temporarily off-market listings are slightly above where we were last year. New listings are down from last year, but those properties on the market have been selling quicker and for higher prices.
While the percentage of properties sold in April was down by double-digits, the impact has not proved to be as great as several industry experts predicted. Many of you still need to move, and you’re able to do so while minimizing risk when working with professionals like me and my partners at Prosperity Home Mortgage, Long & Foster Settlement Services, Long & Foster Insurance, and Tailored Move.
Now, more than ever, our integrated network of services makes a difference. We’re here for you and available to meet (virtually) and answer any questions you might have about buying or selling in today’s market, should you need to make a move. Even if you just want a complimentary competitive market analysis for your home, I stand ready to assist you. In the meantime, please stay safe and healthy.
All my best.
