Though the shelter-in-place ordinance has caused our market to slow down, it’s still moving forward at a decent clip.
To get a true sense of the impact the COVID-19 pandemic has had on our market, I’ll compare year-over-year numbers from when the shelter-in-place ordinance went into effect, March 21, all the way up through April 18.
The property categories we track for these statistics are single-family homes, attached housing (condos and townhomes), and multi-unit properties. Across the board, these properties are contracting between 31% and 36% of expected volume. That’s a pretty strong indication that demand is still there and our market can get past this. Everyone’s doing their part to flatten the curve and not put others at risk, and despite what some may think, the market’s moving forward at a decent clip.
How are prices being affected? In the condo market, the median asking price is virtually unchanged compared to last year, although this may change as more contracts reach the closing table. There’s been some downward pressure on the single-family market, but that began before the shelter-in-place ordinance was passed.
Multi-unit properties have been a hot commodity because there are less of them and they have income-generating potential, and although they’ve faced some downward pressure due to reduced demand, this market is trending at about the same rate as the others.
If you have questions about our market or are thinking of buying or selling a home soon, please let us know. We’re open for business virtually, and we can help you accomplish all of your real estate goals while keeping you and your family safe.