How is COVID-19 impacting the local Mesa County real estate market?
We just got our April stats in, which really illustrate what's been happening in our market! So what did we find?
LESS ACTIVITY OVERALL
There were less homes listed for sale in the month of April and less homes overall that sold (compared to the same time last year). Why? It was a tough month as we all weathered the Colorado Stay at Home Order. Although real estate transactions that already had a contract in place could continue, it was tougher to get homes listed for sale and home showings weren't allowed under the order for most of the month.
THE GOOD NEWS: SHOWINGS ALLOWED AGAIN!
Home showings are ALLOWED again and there are lots of safety precautions in place your Realtor should be practicing to protect you, including: wearing gloves, masks, sanitizing surfaces, and checking on the houses you want to see to make sure the homeowners don't have any signs of illness.
MORE GOOD NEWS: HOME VALUES STILL INCREASING!
Home values are still continuing to INCREASE. The median sales price in the month of April was $293,000!
NOT ENOUGH HOMES TO MEET DEMAND
There is still a shortage of homes for sale (only 601 in April) and lots of buyers in the market, making the process of submitting an offer, as competitive as ever.
DAYS ON MARKET RELATIVELY UNCHANGED
The number of days a house was on the market (from the point of being listed for sale to the day that it was closed) stayed relatively the same at 90 days.
WHAT DOES ALL THIS MEAN?
The real estate market is still going strong and it's still a good time to sell your house (because there are lots of buyers) and a great time to buy (due to incredibly low interest rates).
WANTING TO WEIGH YOUR OPTIONS?
If you want to talk through your options and whether now is the right time for you to buy or sell, feel free to give me a call 970-270-9871. I'll be happy to answer your questions!
