This is typically the time of year we send out our First Quarter market reports. For this report, we are breaking our regular format to give our best analysis of the housing market due to the coronavirus, the resulting economic fallout and the Essential Services Order. We took the data from the first quarter and the company’s 40-year experience in the real estate industry to get a sense of where the market might
So how is the market? The pace of new inventory coming onto the market has understandably slowed down. Agents are offering video-conference listing consultations for potential sellers. Buyers that need to move right now are relying on virtual showings and video tours to accomplish their house hunting. Deals that are in contract are still closing, but experiencing some delays. We anticipate closings will be
down 50% for the second quarter but we don’t foresee values decreasing in the upcoming months. If we have a return to “semi-normal operations” pent up demand will fuel the summer market.
I want to express best wishes to everyone in our community during this challenging time and our hopes that you are staying safe as we all try to “flatten the curve.” If you have any questions about the attached report or real estate in general, feel free to call me at 845-480-2366. I’m always happy to chat.