Housing and COVID???

Dated: June 11 2020

Views: 251

 

“The obvious side effect of COVID was that people would keep properties off the market. In the Pikes Peak region we saw a decrease on active listings of 12.4 percent for single-family homes and -8.8 percent on townhome/condos. No real surprise since we were in the middle of our first pandemic and a total shut down of our economy. Toss in the many unknowns and sellers were on hold.  But for the sellers who did not hold off, it did not hurt them. Site unseen showings, virtual tours, and virtual open houses took over and demand remained high. We were up 7 percent on median sales price despite the pandemic over this time last year. Supply and demand took over pushing prices up while inventory dropped.

 

“Now that we are out of total lockdown, we have seen buyers back in the market. Many believed that with 40 million unemployed nationwide there would be an opportunity to buy. But, once again, the buyers were let down when they re-entered the market to find out multiple offers were still coming in and cash was still king. The lack of new listings has kept supply short and prices on the rise. It appears most of the bad news from COVID has left the local housing market unharmed.

 

“Nationally, we hit record heights of unemployment and the FED was fast to pump in trillions of dollars of bailouts to anyone with a hand out. From small business, unemployment supplements and stock buys, the Federal Reserve along with our central bank is flooding money to every sector. It is very difficult to know what the ramifications of printing so much money and then dumping it into circulation will be because we have never done it to this extent. We’ll have to keep an eye on that and see but as far as housing goes, buyers continue to struggle and sellers continue to be cashing in,” said Colorado Springs-area REALTOR® Patrick Muldoon.

Blog author image

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....

Latest Blog Posts

A Break For Buyers

 “I have to admit, even I am a little shocked at how fast the market decided to change. It is like we had a really hot summer day and a few days later, a blizzard. One weekend we were

Read More

Patience Is A Virtue

“Patience is a virtue, they say. And for the buyers who sat on the sidelines, whether on purpose or because they could not swing the insane real estate market, it is going to pay off. As a

Read More

Did The Market Shift?

Is the party over?  It reminds me of the song by Semisonic, Closing Time. It’s been a good run, lots of fun had by all, but at some point the party stops, the lights turn on and you

Read More

Spring Has Sprung!!

“Spring has sprung, and housing has too. The resilience of the housing market remains steadfast as April brought more appreciation to an already unaffordable market. We stacked up another

Read More