In our last market report, we shared that the effects of Covid 19 would be evident in the April results and as forecasted the drop was drastic. Closed statistics in Palm Beach County are down 30% year over year, new pending sales dropped 54.6% and new listings are down almost 40%.
However, Believe it or not, there IS good news.
As fast as we dropped, we are already in midst of a recovery – yes, that quickly. It is being referred to as a V-shaped Economic rebound – a quick drop and a quick rebound.
Over the past six weeks the market has been showing tremendous gains – Florida Realtors even reports that the activity and results are now back to early March levels which was a “hot” market. Listings (if priced right) are coming back on and selling as quickly as they come on due to low inventory. If you are even considering selling your home, now IS the time. Stage, Price it Right, Market it properly and get ready for activity – of course, as we have shared over the past few months – ensure that your photos allow clients to truly understand the home’s layout or include a 360 walk through.
So the market has quickly rebounded but does this mean things are all back to normal?
Frankly, it is simply too soon to know. The loss of jobs, the impact of borrowers ability to obtain loans as a result, tightening credit requirements, and the impact of forbearance agreements on future loans all may and most likely will impact the market – The recovery of the economy and the job market is critical to our country and to the real estate market.
A lot can happen over the next 30 days and as workers go back to work and communities open up we are optimistic and excited to see the May results in a few weeks!
– Amy & Noreen