This remains an incredibly challenging time for everyone.
This is a health crisis magnified by an economic crisis.
The goal of the professional advisor is to present clear and understandable data that helps a consumer make a beneficial decision that the consumer feels safe to make on their own, without pressure, shame or manipulation.
In that spirit, it is notable that April sales data in the Pikes Peak Region fared better than other parts of the United States. April sales were down 7% from a year ago, but one year ago saw the largest number of April closings in history. Somewhat surprisingly, average sales price in April 2020 grew by $5000 to $395,000+, the highest number ever in our MLS.
May Data is expected to be significantly lower in volume, and sales will likely be similar to the sales seen in May of the recession years or the rebuilding years of 2012 and 2013. April saw sales times lengthen, most notably in the over $700,000 price range. However, showing activity has returned to early and mid-March levels of traffic, and with that, new listings and new contracts. In the last 7 days as of this writing there are 399 new listings in El Paso and Teller County, and 552 new contracts in the same time period.
Buyers, these are the rules for seeing properties at the moment:
1.) All buyers must be pre-approved with a lender or have ready and available proof of funds. Any change in lending status, financial status or employment status has to be updated regularly with the financing entity.
2.) All available media needs to be consumed prior to viewing a house. If a buyer is not sure of an area or location, they need to physically drive past or visit that area in advance of the showing.
3.) Only two buyers (the decision-makers) and the agent are allowed in the property at the same time.
4.) All persons in the property must be wearing masks and disposable gloves. Buyers should sanitize prior to entry on every property. Booties are customary, but buyers should really bring their own whenever possible. Showings should be kept as short as possible, and 10 minutes is considered the standard length of time. This is not a time to shop; it’s a time to make a decision or not.
5.) Overlapping showings are not allowed at all and hence showing windows are very specific, usually no longer than 30 minutes, some as short as 15 minutes.
6.) Virtual Showings are still strongly encouraged whenever possible. After a property is under contract, buyers are allowed an in-person physical walk through of a property with their agent. Sounds crazy, doesn’t it? Yet 549 homes went under contract from April 7, 2020 to April 26, 2020 when in-person showings were not allowed.