May 2, 2020
3 MINUTE READ
There’s a lot of uncertainty (to say nothing of cabin fever) out there. And while we can’t answer all of your quarantine questions (this Dalgona Coffee recipe is delicious, tho), we can keep you up-to-date on what’s happening in residential real estate (Huzzah!) Whichever direction your homeownership journey may head, however, we’re here to help.
This week, Stay-at-Home orders in California were extended, leaving citizens across the state wondering: what’s next? We’re tracking the changes as they roll out. In the meantime, here’s what we’re hearing.
Let’s take it from the top.
Please, please, let it be true. But what restrictions, exactly? This week, the Governor released a 4-stage plan detailing how we will gradually phase out of the current Stay-at-Home orders. California is currently in Stage 1, and while specific dates weren’t provided, he said, “we are days away” from lifting some stay-at-home restrictions. Some low-risk businesses will reopen, and modifications to school programs and daycares will go into effect.
But real estate is essential, right? Yes, real estate was deemed essential in March. That means you’re able to buy and sell a home during COVID-19 while following social distancing guidelines. As more businesses reopen, existing restrictions on real estate-related activities are expected to ease up. We’re monitoring the situation closely and staying informed on updates provided by the California Association of Realtors to understand what that means. Stay tuned.
Some good news. Real estate tech strategist Mike Del Prete shared stats from the real estate markets first impacted by COVID-19. King County, Washington was one of the first U.S. markets hit by the pandemic and associated lockdowns. Recent numbers, provided in the graph below, show possible signs of real estate recovery as homeowners begin listing their homes on the market again.
Straight Outta The California Association of Realtors: Southern California and the Central Valley experienced their first increases in the number of new listings since C.A.R. began tracking daily data in early March, and the Bay Area has seen two consecutive weeks of increases. Source: C.A.R. Weekly Recap (April 28)
Zillow what? Even with sales down and some construction slowed, Zillow reported that page views on for-sale listings surged sharply after falling by as much as 19% in mid-March. By mid-April, web traffic for Los Angeles and San Francisco listings were higher than the previous year. Source: C.A.R. Weekly Recap (April 28)
France: our light at the end of the tunnel. CEO and Founder of Coldwell Banker France and Monaco, Laurent Deumeure shared that at the beginning of the lockdown, the number of leads and website consultations dropped dramatically. But last week, as anticipation grew for the end of France’s lockdown on May 11, the number of leads and website consultations increased and is now near to pre-Coronavirus numbers.
Shelter-in-Place orders updated as of April 29, 2020.
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Next week we’ll share more thoughts on what Stay-at-Home orders mean for buying and selling a home in California.
If you have questions about buying or selling a home during COVID-19, please visit our Information and Resources page or reach out to our team. We’re here to help.