|The Richmond Association of Realtors recently released some puzzling but encouraging statistics from the past 30 days in Richmond Real Estate. Showings are down but sales are up, proving our persistent lack of inventory is keeping our housing market – and property values – strong.|
Showings Are Down 58%
It’s not surprising that showings are down 58% across the Commonwealth considering the Shelter-in-Place order mandated in mid-March. Realtors are using technology to replace in-person showings so home buyers can tour virtually using FaceTime or Zoom. I am putting professionally filmed virtual tours on all my listings right now as well. Believe it or not, real estate is still happening with safety measures in place (I am still showing homes in-person and providing masks and gloves for my buyers and sellers).
Pending Sales Are Up 2.3%
( Despite a Statewide Shelter-in-Place Order for most of March)
I am still putting homes under contract, and I am not alone. Despite spending most of March under quarantine, the Central Virginia MLS reports Richmond Metro sales are up 2.3% over last year. Imagine this stat if we were enjoying regular spring sales.
Inventory is DOWN 15.8% over this time last year.
Not sure what to make of these numbers?
Here is the one that drives the stats: inventory is down 15.8% over last year. Richmond has suffered a lack of inventory for the past several years, and it’s for this reason our market has remained a strong seller’s market. Even amid a pandemic, we are still experiencing multiple offers and over-asking prices. Many people have asked me if prices have plummeted with the unemployment numbers coming out, and the answer is no. Unlike the recession in 2008-2009 when we had an overabundance of inventory, supply and demand looks much different this time. With so little available housing, lack of inventory is keeping our market and sales prices strong.
Need Something to Look Forward to?
For my Clients: Your Treat Is On Its Way! Anyone have cabin fever? Does Shelter-in-Place have you feeling down? Me too! That’s why I am sending your family a fun surprise to brighten your day! King of Pops will deliver your quarantine treat over the next few days. (They may contact you to make sure you are home for delivery). I wanted to support a local small business while also letting you know how much I appreciate you. I hope you enjoy it! If you do not receive your delivery over the next few days, please let me know…and “POP” a picture with your quarantine treat! I’d love to see your face.