Here is some great news we bet you didn’t expect: Overall sales for the month of March nationwide increased from March of 2019, and prices remain strong. You heard us right!
While March numbers represent a dip of 8.5% from February, they were still strong enough to represent a .8% year over year increase. Not too shabby! It’s fortunate that the market was in a good place at the beginning of the COVID-19 crisis, so the negative affects are somewhat mitigated. As a result of the changes in the market, inventory is up, and listings are staying active a little longer.
According to Lawrence Yun, NAR’s chief economist, “Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak. More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.” None of us are surprised that sales were down in March, but we want you to know things are going to get better, and we’re still here.
It’s easy to be overwhelmed by the bad news that’s ever-present right now, but things aren’t all doom and gloom. Lots of other new changes have taken place too, including an up-tick in virtual tours, e-signing, and other technological innovations that allows business to continue with less face-to-face contact and no decrease in security. Things are changing fast, but realtors are adapting and finding ways to make things happen and keep working for you.
If you’re in the market to buy or sell a home, let us help put your mind at ease. We are taking many precautions to avoid exposure for our clients, including virtual open houses, video tours for first showings, “touchless” in person showings, and of course, lots and lots of hand sanitizer, hand-washing, and wearing masks. It’s a tricky time, and a few extra precautions are needed, but you can absolutely still buy or sell a home right now, and we’re here to help you navigate the process.