Market Overview: April 2020
“This unprecedented pandemic has unleashed marvelous creativity when it comes to selling property,” reports Linda O’Koniewski, CEO of Leading Edge. “We are seeing buyers make offers on homes they have only seen virtually. Witness the stunning adaption by attorneys, title companies and all of the important people who are involved in a sale to work digitally. We are seeing virtual stagers “de-clutter and stage homes” and home inspectors are using Facetime with buyers during a home inspection. It has taken a crisis to move the industry in new and previously unheard-of ways. This will change the way real estate is conducted in the future. Professionals previously rooted and stuck in the ways they conduct business are forced to think differently. It’s refreshing, but not always ideal.
Meanwhile, despite the economic conditions, people always need to move. People always need a place to live, and now they are re-thinking how their current space works for the new work at home environment,” concludes O’Koniewski.
April sales of single-family homes in the Leading Edge service area decreased -27.8% year-over-year. Inventory decreased -46.3%. The number of days on market over the last 12 months increased +2.9% while median sale prices remain up +3.5% at $646,700.