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Many people are asking me what’s happening with the real estate market during these challenging times. We are still in a red hot seller’s market and at the end of this blog, I’ll be sharing with you a market update to show you just how hot this market really is as well as how you can get information on area home sales. Here’s an update on the local market and how we’re taking precautions during this Coronavirus outbreak. In this past week, the governor issued a stay at home order but a lot of businesses are excepted from this including real estate services as a critical business. Zillow, Realtor.com PPMLS and Showing Time and for in house showings we’ve created our No Touch Showing Kits with instructions to the agents on how to show. The kit includes the following: gloves, hand wipes, hand sanitizer, a small trash bag, and the instructions tell the agents to wear the gloves, wipe the lockbox key, door handles or any light switches that they touch.
Instruct the buyers to not touch anything. Open the doors for the buyers. Follow social distancing, do not touch the buyers, do not touch their faces and after securing, put the key in the box, discard the gloves and the trash bag and then they can take the hand sanitizer with them. We also tell them thank you for showing and we wish them to be well along with information about what are the ingredients in the kits These kits are supplied to all of our listings that are having showings. Additionally, our governor issued an executive order temporarily suspending the requirement that buyers and sellers have to be physically present to sign at closing in front of a notary. That way they can stay the distance. You know there are some buyers and sellers that they’ve decided to put their moving plans on hold, but this real estate market is still doing really well, right now as of March 29 the inventory of homes is still very low.
There are only 1,198 residential properties active on the market in El Paso teller in Elbert counties as compared to a year ago when there were 1,462 properties. That’s a 19% drop in inventory and this is during our busy season. Sales are up from a year ago and what that means if you’re thinking of buying or selling a home, our local prices are still rising. In fact, in the past 30 days, over 1,432 homes have gone under contract in this market. These are homes in every price range all the way up to 1.2 million. That means there are more homes that are in demand than the supply resulting in a market that’s more favorable to home sellers. The average sales price in this market is just under $385,000 the average days on market is 31 days. That means from the time the home goes active to the time it goes under contract, it takes 31 days to get a contract
However, we sell most of our listings 4 times faster than the average. Another thing is the interest rates at a record low level, which means buyers can afford more expensive homes for the same payment or get a lower payment for the same price. And if you’re thinking of buying a home, now is the time to act because there are some buyers that are sitting on the fence or the sidelines and that reduces competition and fewer buyers have thrown in their hat for bidding wars for homes priced under $500,000 and if you’re thinking of selling your home, there are fewer homes to compete with right now yet the prices are remaining high.
Real estate values do not act as quickly as the stock market. And I believe going into the summer, our market is going to stay very robust. So here’s something special for home sellers. If you’re interested in finding out what homes down the street sold for plus the active listings, we can provide a free computerized list with pictures of home sales and current listings. And if you’d like that report, give us a call at 719-888-3736.