Real Estate Newsletter - May 2020

Real Estate News and Market Information

May 08, 2020

Real Estate News and Information - May 2020

Dear ,

I hope this email finds you well and finding positive ways to help others during this pandemic. The real estate market has been impacted but, as I will point out below, not as bad as other parts of the economy. Homes continue to sell and values are back on the rise. Feel free to contact me with any questions - I'd be glad to help.

We all know someone impacted by COVID-19 and the current economic conditions. Please do what you can to help those in need. On behalf of each of my clients, I continue to make contributions to the Children's Miracle Network with each sale.

Are you or someone you know considering a move? Let's talk about your plans. I've successfully sold two homes in these new conditions and am comfortable with the new restrictions in place. 

Best regards,

Todd Holmes

RE/MAX Alliance

13770 E. Rice Place

Aurora, CO 80015

(303) 570-3419

www.ToddHolmesRealEstate.com

Real Estate Market Report

The local real estate market is undergoing dramatic changes following the initial Stay-at-Home restrictions related to the COVID-19 virus. The following is a summary of the current market conditions and expectations for the coming months.

For many weeks, all showings were restricted and many buyers and sellers moved to the sidelines. The uncertainty of the ongoing pandemic made the process of selling real estate unpredictable at times but, with continued strong demand in the Denver area, sales continued to happen. 

Market Values

Real estate values dropped by approximately 2% in the past month but still remained higher than the highest values of 2019. Experts predict that this drop in values will be short and we can expect home values to increase through the coming year.

Inventory

The number of new listings in April, 2020 is approximately 36% less than April, 2019. This is not a surprise and many sellers are expected to list their home for sale as the economy recovers. 

Average Days in MLS

Despite the uncertainty around the market, the homes on the market continue to sell quickly. In many cases, homes are selling in less than a week. A result of not allowing in person showings, many buyers arranged a walkthrough of the home once under contract and this lead to an increase in contract terminations.

In Summary, April was filled with uncertainty but housing continues to move. As showings are beginning again, I am seeing a significant increase in new listings. With strong buyer demand and historically low mortgage rates, home values are expected to rise in the months ahead.Click here for a detailed look at the most recent housing data.

Price ReducedThe sellers of this home have recently reduced the list price to $419,900. This three bedroom, two bathroom home in University Hills is vacant and easy to show.

My Senior's ArtworkMy daughter, Grace, will be graduating from Grandview High School later this month. She plans to attend Oregon State University and study Environmental Science and Art. Prior to campus being closed, she was selected as a top artist in her school and won an award for a top painting at the Cherry Creek School District Art Show. Through the year, she created a number of pieces with an interest in bringing awareness to a number of endangered animals around the world. While the art show and her display will not happen, please take a moment and enjoy her online presentation. We are very proud of her work - thank you for taking a look!

The COVID-19 Impact on App Popularity

Pandemic-induced social isolation has altered the relationship consumers have with technology. 

With the physical world now slowly receding, consumers are suddenly more reliant on apps for communication, shopping, staying healthy, and entertainment. 

Today’s graphic pulls data from a new report by MoEngage and Apptopia, and it plots the winners and losers of the pandemic from the app world in North America.Click here for the entire report.