Caught Up

Back in April, real estate activity was significantly limited and the showing of property was restricted which caused the number of closed properties in May and early June to be much lower than last year.

Bottom line, fewer properties going under contract in April caused fewer closings 30 to 45 days later.

Closed properties in May were down compared to 2019 by 44% in Northern Colorado and 43% in Metro Denver.

Then activity jumped significantly in May.  The number of properties going under contract was way up compared to last year.

We’ve been wondering when we would see this sales activity reflected in the number of closed properties.

Well, it finally happened (almost).

The number of closings so far in June compared to the same time period through June of 2019 is only down 1.8% in Northern Colorado and 1.6% in Metro Denver.

In both markets, there are only a handful of closings separating activity in June 2020 versus June 2019.

By the end of the month, when all the transactions are tallied up, we expect that June of this year will out pace June of last year in terms of number of transactions.

This is significant not only because of COVID-19, but also because of the reduced inventory compared to last year.  Quite simply, there are fewer homes to buy.

All of this speaks to the health and resiliency of the Front Range market.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed

 

Posted on June 26, 2020 at 5:36 pm
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Inventory Drop

An impact we expected from COVID-19 to the housing market is reduced inventory.  That prediction is certainly proving to be true.

In March, the number of withdrawn properties from the MLS went up 68% in Larimer County and 38% in Weld when compared to March 2019.

Reduced inventory is one reason why we don’t expect a significant drop in home prices in 2020.  We don’t see a glut of housing supply dragging prices down.

So how are properties being sold now?  Virtually!  We are helping people view homes using virtual 3D Tours and live online walk-throughs.

Our business right now is certainly not business as usual and our industry has proven to be resourceful so we can still help people with urgent real estate needs.

At Windermere Real Estate we are taking Shelter in Place and Social Distancing very seriously. Our people are working from home, staying connected to their clients, and providing help wherever needed.

 

Posted on April 10, 2020 at 8:05 pm
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