That’s the question most often asked of REALTORS®. The factors impacting the market vary so widely that the best answer is, “It depends.” Are you a buyer or a seller? Where are you looking? And at what price point? Our market reports provide a feet-on-the-ground real estate update by noting the most prevalent trends as they apply to our active clients.
In April, Colorado’s stay-at-home order prevented in-person showings. Without a creative workaround, buyers and sellers put their timelines on hold and we all tried to flatten the curve. Then, on April 29, we were back in business and open to showings using an abundance of caution and new safety measures including daily temperature logs, masks, and gloves.
Buyers tiptoed back into the market hoping to take advantage of the unprecedented moment and “get a deal.” The “moment” was fleeting. Buyers quickly realized the market – especially houses under $400,000 was as hot as ever. Appropriately priced Homes saw multiple offers. Many Homes sold for more than the listing price. So, how is the market? Let’s take a look at where we are right now.
- Today’s low rates impact affordability more than any potential dip in prices. Wise buyers know this.
- Jumbo loans are nearly non-existent in the current mortgage market. So our listings near $1M are lagging.
- The Colorado Springs market continues to perform amazingly well despite the buying restrictions. According to Colorado REALTOR Magazine’s April Market Trends, “ The year-over-year home sales activity only saw an 8 percent drop in monthly sales, less than a 2 percent decline in the monthly sales volume, a 10 percent increase in the year-to-date sales volumes, a 7 percent increase in the average price, and a 10 percent increase in the median sales price.” Colorado Springs remains an area watch and to strongly consider investing in.
- Denver’s listings fell 41.9 percent from April 2019. Home prices increased while days on the market decreased.
That’s what’s happening with the real estate market during this unusual time. No matter where you are on considering in real estate, we’re here to help answer your questions. And when the time is right, we’ll help you find a place to call Home.