I have been asked many times in the last few weeks about the impact Covid-19 is having on our real estate values.
I would not go as far as to say no impact. However, the cost to most sellers has been minimal.
In fact, according to the Minneapolis Association and The St Paul Association, who collect all the data, metro real estate median values are up 6.3% year over year.
As of the end of April, pending sales are up 3% year over year. Pending sales is a key indicator of activity resulting in a successful home search.
New listings are up 1.4% year over year as of the end of April 2020. That means that there are approximately 1 thousand more new listings in 2020 that at the same time in 2019. More choice for buyers Too!
We have seen many “emergencies” over the years, and have helped people buy and sell homes during them all. While you may argue that COVID 19 is the worst you can’t deny that we have been here before. The real difference is how we are reacting to it.