In these times of uncertainty, there is one thing we know for sure. 2020 is a year unlike any we have ever experienced. Ken and I know that there are so many in our country and the world that are hurting right now as the COVID pandemic continues to wreak havoc on families and our economic system, and our country reckons with the murder of George Floyd, police brutality, and the use of excessive force.
And also, at the same time as these national and global issues continue to churn, we know that many of you count on us for reliable, local real estate news. So, we want to provide you with just that. We are getting lots of questions from folks asking about how the market is doing. I think there are many that assume that the current economic issues and large unemployment numbers would cause real estate to be in a tailspin. However, somewhat surprisingly, Front Range real estate continues to operate much as it did several months ago with strong buyer demand, low days on market and strong showing activity.
Here is what we are seeing in the market and what you need to know:
According to IRES, the northern Colorado MLS system, median sales price, days on market, and inventory numbers continue to hold strong and indicate strong buyer demand. We are seeing strong showing activity and multiple offers for many homes. The activity level feels much like a normal spring and summer market. Buyers need to be quick and decisive in order to get the home they want.
Showings are happening with stricter guidelines and protocols for agents, buyers, and sellers. Agents must keep detailed logs of who they meet with, take their temperatures before and after appointments, and provide masks, gloves, and sanitizing products. Buyers are supposed to view homes online first using 3D tours, photos, and videos and must limit the number of people they are bringing to showings. Sellers and agents must disinfect homes between showings. Open houses are still not allowed at this time, nor are any overlapping showings with other agents.
Some good news
In some good news for buyers, sellers, and Realtors, our two local Multiple Listing Services have now, after years of disagreements, decided to start sharing data again. While this seems like a technical issue, this lack of data sharing has negatively impacted the real estate consumer for several years. Buyers have had to search in two separate databases for properties making their searches more cumbersome and time consuming, and Realtors have had to compile market and comparable sales data from the two separate databases. Yay for progress towards greater efficiency and better transparency of information! This data sharing should start back up later this year.
As always, if you have more questions, don’t hesitate to reach out! Until next time!