How COVID-19 is affecting the current Real Estate Market in Richmond and Charlottesville, VA
It's hard to pin down exactly how the economy’s response to
the COVID-19 outbreak will affect housing overall yet, but I did find a great
article from the Virginia Association of Realtors' Chief Economist,
Dr. Lisa Sturtevant. Her full March 2020 market report is attached as well and
is worth reading. She's brilliant. I've been listening to her market updates via
video which she sends Realtors weekly as she's getting survey results back
across the state from those of us out in the field.
This second quarter will be truly telling, I think; it will
speak volumes about what's likely to happen in the housing market in the near
future, and I'll be watching what Dr. Sturtevant has to say about it. Houses
are still moving quickly in both the Charlottesville and Richmond markets, and
with tighter inventory I expect that to continue through the summer. As more
sellers are venturing back out into the market again after the initial panic
reaction, the spring market is shifting into full swing later this year.
Nationally, the number of pending home sales fell in March
due to the Coronavirus outbreak, down -20.8% overall. But that doesn't mean
home prices are dropping; in fact, every indication is that they're holding
steady. NAR's Chief Economist Lawrence Yun has been watching this play out as
well. Here's a good article to read about his take on the
national housing market.
Overall, we’re still in a strong Seller’s market with low
inventory and high Buyer demand, and no sign of values dropping due to COVID-19
at this time. For a market report of the greater Charlottesville or Richmond
Areas, reach out to me today.
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