Monday Market Update: The Covid-19 Effect

Covid-19 has definitely had it's effect on the real estate market. Compare last years "new Listings" with "Sales" and it is clear that March 2020 was very different than March 2019. When the Shelter in Place order went in, listings came off the market and sales slowed.

The real estate community quickly implemented new ways to show houses. Our own office bought special cameras to generate a virtual walk through a home to "show" the home to a prospective buyer without having to actually go to the home. Our equipment creates a picture of the floor plan and combines that with interior photos. Then there are drone videos, and lots of professional photos which make is much easier to see a property on line.

The protocols now in place also help to ensure the safety of all clients involved. There are guidelines to follow if and when there is an in-person showing. Hand sanitizer, cleanings between showings, masks and non-touch methods to minimize risk. I can have all documentation sent electronically and can be signed digitally. I spend a lot more time on the phone and in Zoom meetings with clients, but questions are answered, reports are processed and results are achieved.

Inventory is growing as can be seen by comparing new listings in May 2020 with May 2019. Sales numbers will take a couple months to catch up, but I believe we are through the initial change and should start to see an uptick in new listings and sales over the few months.

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