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Will the Coronavirus Affect Our Spring Real Estate Market?
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By Janice Jordan, Broker/Associate with Compass, Resident since 1998
There is a lot going on in the world right now and we won’t pretend to know how things will turn out or effect the local real estate market over the next few months. In the meantime, this report will look at the most recent data available, though the impact of the wild volatility in the financial markets and the unfolding situation with the coronavirus has yet to show up in reliable statistics. Typically, the spring selling season is the most active of the year.
One positive for real estate is that mortgage interest rates hit a historic low in early March, as illustrated below, and rates play a huge role in housing affordability.
Food for thought:
I thought this economic update from Rothschild Bank was worth repeating: “The economic damage is being done by the response to the virus, not the virus itself. Meanwhile, contagion in China (if we believe the WHO’s data from that source) has followed the typical epidemic’s “S”-shaped logistic curve and has now slowed markedly. There is no reason why contagion in the West should not eventually follow suit and do so in a matter of weeks rather than months.”
Just in our Neighborhood:
Here are our Westside Danville statistics: Based on the last 3 months of sold homes.
Average Sold Price: $1,289,959
Average Price per Square Foot: $659
Average Days on Market: 38
Number of units sold: 28
For more information or questions about your home, call me today. See you around town.
Janice Jordan Broker/Associate 00942488 925-580-7482
