We can’t help much as far as providing health related statistics but in case some of you would like to understand what is going on in the real estate market we intend to provide periodic updates. Many of the statistical trends and opinions we send you will undoubtedly change over time as the Coronavirus effects our society in different ways over the next many months.
Here are some real estate statistics and opinions of “experts”. The statistics are for the 3 suburban Philly counties (Chester, Delaware, Montgomery)
- In the last 7 days both new listings and new sales dropped by about 25% from the same week last year.
- Of the 395 properties that went under agreement last week – 235 went under agreement in 7 or less days (60%) – the same week listed
- Of the 395 properties that went under agreement last week – 313 went under agreement in 14 or less days (80%)
- The 25% decrease in the number of sales is expected to continue until the Coronavirus statistics become “stable”
- While real estate sales are down, prices are expected to go up because of the incredible shortage of inventory and the Coronavirus effects are expected to be temporary.
- Real Estate Prices are also expected to go up in general because “investor” money is flowing out of stocks and into real estate
- Despite a cut to the Fed interest rate, mortgage interest rates went up slightly and are expected to go up further (not by much)
The real estate industry is also moving to virtual house showings and virtual open houses. If anyone would like to tour a property we are equipped to visit homes for you and then “stream” a live, interactive video back to you while you are safe at home. Buyers can still visit homes personally … if owners of homes for sale will allow visits as long as we adopt appropriate safety procedures.
We expect more changes to local and state laws regarding the Coronavirus related issues. Please let us know you have any questions we can answer or if there is some real estate statistics we could send to you.
For instance … We could set up a special search that would show you recent sales of homes like yours in your immediate neighborhood. As new sales occur in your neighborhood you would get updated immediately so you could see what is happening in your very local market.
Please keep safe and well,
Janine & Tom