March through mid-April 2020 Real Estate across The Triangle is up in total number of sales, along with median sale price from March 2019, while active inventory is down by more than 20%. Sold versus list price averages 99%, which is consistent with one year ago.
What does this mean? So far, real estate values have not been effected by Covid19. What has changed? The most significant change is the number of homes being actively listed. In the meantime, interest rates remain low, hovering around 3.25%. Another interesting trend, we are seeing a number of physical showings decrease significantly, but the number of virtual tour requests have more than tripled!
Personally, the data is showing what I am seeing in West Cary. There is absolutely no decrease in home value to date. I have had 4 closings since the quarantine on March 13,2020 and the closings completed without a problem.
There is a lot less in houses on the market but if you need to sell home values are holding. Real estate is still considered an essential business everywhere in the Triangle except for Durham. As I stated in my previous blog post
, there are safeguards in place to protect the buyers and sellers in this market.