We hope this letter finds you well and that you are coping with the new environment that we live in today. We are now 5-and-a-half months into Shelter-in-Place and selling real estate with strict new protocols in place to preserve the health and safety of our clients and colleagues. When Covid19 first hit and the quarantine guidelines went into effect in March 2020, we could not predict what was going to happen to our local real estate market. However, in April our real estate market came back to life and has continued to do so through the summer.
Buyers who are committed to staying in the area are looking for homes with offices and larger outdoor space as they grapple with working from home while housing both young and older college-aged children. Mortgage rates continue to be very attractive, which is helping these “move up” buyers stretch into larger homes.
While we are pleased with the level of buyer activity, there has also been a migration out of the area to other states that offer a more balanced lifestyle and a lower cost of living. Sellers need to adjust to the effects of this new environment and recognize that while prices are still healthy they are no longer on a continued uptick as we were used to historically.
Lastly, we have seen our marketplace bifurcate into two categories: a) Properties priced under $5 million are selling consistently within 2 to 3 weeks and are receiving 1 to 2 offers. b) Properties above the $5 million mark are taking longer to sell and sometimes need to initiate a price adjustment in order to find that clearing price.
Overall, we feel very fortunate that we live in an area where the “Covid effect” has not hurt our market to the degree that it has across the country. However, there are still many unanswered questions for the next year as we face the near-term election, additional reports of job losses, and the unknown impact of the immense vacancies in the local commercial real estate market.
If we can be helpful with market information, a property valuation, or recommendations for local vendors, please contact us at any time. Be safe and well!
Follow us on Instagram at @lemieuxRE to learn about our Coming Soon listings and other exciting properties.
NEW/CURRENT LISTINGS by LeMieux Associates
RECENT SALES by LeMieux Associates
