Real Estate Market Update – June 2020

May 29, 2020

If we have been reminded of anything in the last three months, it is that we can and do adapt to new or changed environments in order to succeed.  We can rise to meet the challenges presented, even if they are extremely difficult.  We believe firmly that some of the changes we have made in the real estate industry will be sticking around as there has been greater collaboration and efficiency across our industry.   And, as the best Realtors are, we, too, are very optimistic that there is a silver lining that will appear at the end of the tunnel.   

This ongoing pandemic, the various stages of “returning to work”, the racial unrest and rioting across the country these past couple of weeks all have a direct impact on the mental health of Americans.   These factors are key in where we believe our real estate market is headed.   These events have resulted in, almost, everyone staying home or working remotely at levels unseen in history.   During that time at home, it is inevitable that people realize what is or isn’t working for them and perhaps just casually do some research on alternative living arrangements that may better serve them in this new milieu..  Some families may realize that one small home office niche isn’t remotely enough when they have to serve as a teacher to their children part of the day.   Some of the single adults living alone may realize they want to be closer to members of their family, or other friends.   And, for some who may have been used to living in a large space, may have realized that it is more important to have a home that feels welcoming and inviting (read: cozy) than large and spacious with unused rooms.   

There is already evidence that there is an increase in real estate activity on the national and local levels.   “While a delayed “start” to the typically busy spring buying season is one factor, the “stuck at home” issue is definitely one of the top reasons people are searching for new homes at this time,” according to Joyce Delery, President & Sponsoring Broker, Engel & Völkers New Orleans.   

These two items, combined with NAR’s National Homeownership Month promotion as well as continued low interest rates, has positioned our industry to see a quicker return to business than many industries.   

On the local level, our real estate activity as measured by showing data on listings, is back to being very close to 2019 levels and rising.   Additionally, data provided by GSREIN, shown in graphics below, show weekly growth in activity as well.   

If you have been considering a sale, or purchase, give us a call today and let’s get the process started!

 

From NOMAR:

A 27 % increase in new listings, 16% increase in pending listings and 39% increase in homes sold this week compared to last week! Check out the latest Housing Market Stats from NOMAR & GSREIN. https://bit.ly/2U1maVB

 

 

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