COVID and Real Estate In April

Dated: May 12 2020

Views: 214

 

“April was a very interesting month across the country and that was no different here in the Pikes Peak Region. Single-family listings were down just over 29 percent as sellers tried to avoid personal contact and the COVID unknowns. Pending sales decreased 28.2 percent and sold properties dropped 9.5 percent. But the market remained surprisingly hot as both buyers and sellers continued to work past major obstacles and creatively move home inventory. Median sales price across all properties was up 9.3 percent from last year.

 

“Nationwide, we saw tens of millions of Americans hit the unemployment lines in April. The U.S. went from the lowest unemployment to double-digit unemployment in one month and the affects of that have not been realized yet. But, by the end of April we had many workers going back to work in a limited capacity. The FED jumped in with massive spending throwing trillions of dollars at the economy as it free fell. Printed money was tossed at everything from $1200 being sent to taxpayers and PPP loans being offered to businesses. In 2008, we spent $750 billion on the TARP bailouts and we are spending double that a day, at times.

 

“There is little question that, with GDP plummeting, the country has likely entered into recession along with the rest of the world’s major economies.  It will take a few months to really understand what this economic ‘break’ and bailout has affected in areas of our economy, both locally and nationally. But one area that has not really felt it is housing. With low interest rates and low inventory, housing continues to sit on surprisingly solid ground through the month of April,” said Colorado Springs-area REALTOR® Patrick Muldoon.

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Patrick Muldoon

I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....

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