April is normally the height of the spring real estate market. In the Raleigh.- Durham spring market luckily started in January this year. This was mostly due to mild winter temperatures throughout the south-east. Buyers were out shopping for new homes in Raleigh in preparation for early 2020 moves. Numerous properties were coming on the market daily, and well-priced and well-maintained homes were quickly getting sold. Durham which has had a revitalization of its downtown area was doing well in the early part of the year. However Durham had more restrictions in home visits with the coronavirus and these homes were not selling quite as quickly when it was easier to see similar homes in Chapel Hill, Cary or Morrisville.
Virtual reality tours of homes became a necessity and three (and all) of my home sellers were able to sell in the tough market and I believe their virtual tours availability helped them all sell. All of these homes were in Cary and were priced over 550 K which is above the Cary home average and as a result harder to sell even in a good market. Until a vaccine is made available, I believe that a great virtual reality tour will make the difference in selling a home. More buyers will take their time to review homes from their computers and only visit the homes they are most interested in for safety.
This past April brought a much different market everywhere, as the coronavirus pandemic continued through the month. We saw a slightly slower April than usual, as a result of stay-at-home orders, social distancing and economic fluctuations. A number of consumers started to pause on their real estate transactions toward the end of March and that continued into April. However, some people needed to move for jobs and Raleigh – Durham area did not have as much of a market slowdown as the rest of the United States.
As we moved through the month—and more recently in this past week—real estate activity has been trending in a continued positive direction. Active, coming soon and temporarily off-market listings are slightly above where we were last year. New listings are down from last year, but those properties on the market have been selling quicker and for higher prices.
While the percentage of properties sold in April was down by double-digits, the impact has not proved to be as great as several industry experts predicted. Many of you still need to move, and you’re able to do so while minimizing risk when working with professionals like me and my partners at FM Lending, Guaranty Title and Long & Foster Insurance.
Now, more than ever, our integrated network of services makes a difference. I am here for you. Also, my realty team and I are available to meet (virtually) and answer any questions you might have about buying or selling in today’s Raleigh – Durham market, should you need to make a move. Even if you just want a complimentary competitive market analysis for your home, I stand ready to assist you. In the meantime, please stay safe and healthy.
All my best,