April’s Real Estate Pause Not Nearly as Bad As Feared; Cautious Optimism Prevails as Delayed Selling Season Kicks InTo read the entire article: https://bit.ly/3csnWpKMarty Schechter for CAR303
April’s Real Estate Pause Not Nearly as Bad As Feared...
April’s Real Estate Pause Not Nearly as Bad As Feared; Cautious Optimism Prevails as Delayed Selling Season Kicks In
Marty Schechter for CAR
ENGLEWOOD, CO – May 12, 2020 – While the real estate universe paused with bated breath in April, the results of a complicated, pandemic-driven start to the typical buying and selling season weren’t nearly as bad as many in the industry feared, according to the latest monthly market data from the Colorado Association of REALTORS® (CAR) and analysis from REALTORS® across the state.
Navigating through complex and fast-changing stay-at-home and safer-at-home orders with varied restrictions and timelines from city to county to state, buyers, sellers and their REALTORS® continued to find new, creative ways to complete real estate transactions within mandated social distancing guidelines. Despite a more than 35 percent year-over-year drop in new listings, as much as a 20 percent decline in the inventory of active listings, as well as a 23-plus percent decrease in sold listings statewide, the market stood its ground with buyers who took advantage of low interest rates and drove sales in a wide range of markets and price ranges.
The conditions held median sales pricing fairly steady from March to April 2020, down just 1 percent for single-family homes statewide and just over 2 percent in the seven-county Denver metro area, but kept those prices up 5 percent from a year ago statewide ($419,000) and nearly 3 percent higher in the Denver metro area ($457,000).
With limited inventory pre-COVID now pushed to even lower levels, and strong demand continuing through the crisis, the average days on market fell nearly 13 percent statewide from a year prior to 41 days. In the seven-county Denver metro area, a dip of nearly 20 percent pushed average days on market to just 25, nearing a 10-year low as tracked by CAR. In addition, overall months supply of inventory fell nearly 17 percent statewide from April 2019 to just 2 months while in the Denver area, a nearly 24 percent drop from last year puts the months supply at just 1.6 months.
The National Association of REALTORS® conducted flash surveys of its members in April and early May which indicated that, despite concerns, buyer and seller sentiment is leaning toward completing the transaction, even if it’s delayed by a few months.
“While the overall numbers aren’t necessarily cause for celebration, they may in fact, be cause for cautious optimism,” said Denver-area REALTOR® Matthew Leprino.
Taking a look at some of the state’s local market conditions, Colorado Association of REALTORS® market trends spokespersons provided the following assessments:
To see more local stats: https://bit.ly/3csnWpK