Our phones are ringing. People are asking what is going on in the market and what are prices doing. So I wanted to share my update on the current market.
Safety remains the forefront at BALL Real Estate and we are still following our regulators and government bodies suggestions and implementing accordingly.
While the market has some life it is certainly not our typical spring market! We are about 8 weeks behind where we normally are at this time.
Sales volumes are off significantly but so are new listings and in fact it appears to have a balance albeit at a much smaller volume scale.
With the warmer weather here there is increasing interest, especially in recreational properties. We think the market will continue to strengthen with more volume of transactions.
WHAT are prices going to do post covid ???
This is everyones question, both from buyers and sellers.
Our opinion is:
We have had an unbalanced market for almost 10 years, more buyers then sellers. We have been seeing much short market time for active listings that are priced properly.
This has not changed. I have been selling Real Estate for 25 years and one thing I have learned prices are always subject to demand and market balance:
Buyers market:
When there are lots of listings and longer market times
Prices generally decrease over a period of time when in this market state
Sellers market:
When we have more buyers than listings
This is when prices increase and bidding wars appear
We have been is this style market for the last eight plus years
THIS IS STILL THE CASE TODAY
Prices can not and will not drop dramatically with out a huge influx of new listings and we do not believe regardless of layoffs, job losses and COVID-19 effects that this will be the case.
We suggest the market will continue as is and pricing as is with steady increasing volume back to past levels. But remember it is still a market not that much different from other markets and will have ups and downs, which could be large or small swings, but the small swings tend to be short lived.
Real Estate is always subject to amount of supply and amount of demand, and right now, even given all of the extra stresses going on, our Market is still heavier in demand than it is in supply.
If you want to discuss further or have any questions reach out to your local BALL Real Estate inc. Brokerage Professional, they are all monitoring the market very closely and will be more than happy to answer any questions and help in any way they can.
