Written by Steve Anderson, Broker at VIBE Realty
The numbers for the first half of the year are officially in. Typically, in the Twin Cities, spring and fall are by far the two busiest seasons, but when COVID-19 became a factor back in March, we started to see it take its toll on the real estate market. So how did everything shake out? Although June has been stronger than usual, it didn’t quite make up for the lighter spring.
The general consensus seems to be that sellers were understandably hesitant to open their doors during the initial spread of the virus. As regulations started to loosen, homeowners became more comfortable with selling. And while the amount of new listings did go up slightly in a month where they would typically go down, it has not been enough to call it a complete recovery.
At the same time, the total inventory went down at a higher rate, indicating there is still very strong buyer demand. This is supported by seeing the average sale price climb yet again, combined with the highest increase in total number of units sold in the last year.
Overall, it seems as though we can safely say COVID-19 did in fact take a toll on the 2020 spring market. People who had plans of selling decided to either hold off or pass. Demand is high, but that does not mean you can just put a sign in the yard and expect it to sell. Buyer data shows they are not willing to overpay, so you still need to market the home properly. If you are thinking about putting your home on the market, be sure to connect with a professional here at VIBE to help you navigate this quickly shifting market.
