We are all adjusting to the demands and uncertainty of Covid 19. At this moment the best we can do is live one day at a time and be kind to everyone. I am a stat junkie. I like to review past trends to predict future ones. However, since there has never been anything in our lifetime like this, looking at the past data is mainly for information. So with that in mind, I wanted to share what has been going on in the real estate market in our area.
On March 26, 2020 Buncombe County issued a Stay Home Stay Safe Declaration that was stricter for Realtors than the state mandate. During this time period Realtors are not allowed to physically show the property to buyers. Virtual showings have become the new normal. The fact that a buyer can not physically view a property will have an impact on pending sales, new listings, and closed sales if the mandate continues.
These stats are for last week (since it takes 30-45 days to close. Real Estate stats are taken from past week and past month.)
• New Listings decreased 28.9% to 244
• Pending Sales decreased 32.4% to 167
• Inventory decreased 18.2% to 3,782
Now while this shows there is a slow down, when compared to last year this same time, overall the numbers are better than last year. Our market was set to sky rocket at the beginning of March.
We don't know how long our #staysafestayhome orders will last so predictions are just that. However, one thing that is assured for at least the next few weeks. Cash is king. A cash deal with fast close will be what most sellers are looking for. So it is possible that some great buys could happen in the next few weeks.
For a video update visit our YouTube channel https://www.youtube.com/playlist?list=PLBQCN_u2AkiOflAQYGGjJ7libhuBVKwYz
If you would like a detailed analysis for this week please email firstname.lastname@example.org
Stay safe and be kind to one another.