Fewer Listings, but Housing Prices Remain Stable

HELLOFROM MY HOME OFFICE HERE IN THE GARAGE, I’M DAN KORMAN WITHALPENGLOW PROPERTIES AND THIS IS ANOTHER DURANGO REAL ESTATE UPDATE -IT’S MAY 5TH 2020 AND IT’S BEEN OVER SIX WEEKS SINCE COLORADO’SSTAY AT HOME ORDER WAS PUT INTO PLACE AND NOW OVER A FULL WEEK SINCETHE NEW SAFER IN PLACE ORDER HAS BEEN IMPLEMENTED. FOR THREE WEEKSREALTORS IN COLORADO WERE NOT ALLOWED TO SHOW HOMES, SO HOW DID THATAFFECT OUR MARKET?

OVERALL,LA PLATA COUNTY SINGLE FAMILY HOME SALES SEEM TO BE WEATHERING THESTORM BUT NOT WITHOUT DRASTIC CHANGES. THIS GRAPH SHOWS THE NUMBER OFNEW LISTINGS COMING ONTO THE MARKET PER WEEK, LISTINGS OF NEW HOMESSAW QUITE THE SLOWDOWN WHEN COMPARED TO LAST YEAR WITH A LOW OF 7 NEWLISTINGS HITTING THE MARKET THE WEEK OF APRIL 4TH, A TREND THAT HELDTHROUGH THE MONTH GIVE OR TAKE A FEW LISTINGS. NEW LISTINGS ARE ANIMPORTANT INDICATOR BECAUSE WHILE YOU’D EXPECT A PANDEMIC TO CREATETHE PROVERBIAL “BLOOD IN THE STREETS” FOR BUYERS AND INVESTORS,THIS LACK OF INVENTORY COUPLED WITH PENT-UP DEMAND HAS KEPT THEPRICING FROM TAKING A NOSEDIVE. ADD IN 3.5% MORTGAGE RATES ANDQUARANTINE CRAZED ZILLOW SEARCHING AND MAY IS ALREADY SEEING A SPIKEIN ACTIVITY.

SINGLEFAMILY HOME SALES HAVE DROPPED BELOW LAST YEAR’S LEVEL BUT CONTINUETO SHOW ACTIVITY. AT THIS POINT ALPENGLOW PROPERTIES IS KEEPING ANEYE ON THE MACRO-ECONOMIC AFFECTS OF THE CORONAVIRUS ON BOTH THENATIONAL AND LOCAL MARKETS AND DOING OUR BEST TO UNDERSTAND HOW THISWILL AFFECT OUR CLIENTS’ REAL ESTATE GOALS.

ASALWAYS FEEL FREE TO CALL OR TEXT ME AT 970-382-1162, OR EMAILDAN@ALPENGLOWPROPERTIES.COM WITH REAL ESTATE QUESTIONS OR TO FIND OUTHOW YOUR HOME VALUE HAS BEEN AFFECTED. TO QUOTE THE GM OF PURGATORYMOUNTAIN RESORT, “THERE IS NO PLAYBOOK FOR HOW TO RESPOND TO THISSITUATION, SO WE ARE DOING WHAT YOUR ARE DOING; THE BEST WE CAN WITHWHAT WE HAVE AND WHAT WE KNOW AT THE MOMENT”. SO BE SAFE, STAYHEALTHY, AND REACH OUT ANYTIME. THANKS FOR WATCHING.

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