The coronavirus pandemic 10 years ago would have brought the housing market to a halt. Its effects on human life and the economic impacts are being felt by every single individual. It will be interesting to track the COVID-19 effects on the housing market. 2019 ended an amazing decade for residential real estate nationwide. Thanks to technology, real estate is still considered an essential business and continues to show activity in most parts of the country.
The World Health Organization announced the global COVID-19 pandemic on March 11th. Luxury homes, however, continued to be bought and sold nationwide at an increasing rate until the end of March. Million-dollar home sales had increased by 11.4 percent year-over-year, a trend which continued well in to March 2020.
Since the last week of March, all indicators now show that the real estate market has started to slow down due to COVID-19 effects, with experts predicting a 30-35% drop in inventory for April as compared to a year earlier, according to the Luxury Market Report’s April report.
In Arizona, our most popular tourist and buyer months of March and April were lost, as out of state buyers postponed their travel plans.Denise van den Bossche, 35 year Real Estate veteran, Scottsdale Arizona
We expect that this situation will have a lasting impact on how real estate transactions will be conducted in the future.
Stay up to date as to how COVID-19 is effecting Metro-Phoenix
About the Author: Denise van den Bossche has been a licensed Agent and homeowner for over 35 years in the Scottsdale – Metro-Phoenix Valley.
A Legacy LEED® AP and designated SRES, Denise has a focus on luxury homes and investment properties and healthy “green” living. She is a co-founder of Seniors Advisors Advising Seniors®, a consortium of experts to surround and support families facing aging or chronic illness. To request a no-obligation market report, home evaluation, or consumer guide on your specific needs, contact Denise at 602.980.0737 or email Denise@AZMultipleListingService.com. Denise’s husband Patrick is President of Realty Executives International, with 500 offices throughout North America.
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