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Market Update and Message from The Principal Team, 4/2/2020

Minutes after we published last week’s market update, the state added real estate to its list of essential businesses. The current situation means we must take extreme caution to ensure the safety of clients and others while doing business. We have a serious responsibility to do whatever we can to protect our clients, the public and business associates.
Title companies’ work, real estate appraisals, and real estate transactions can proceed. All services included in the public health order are subject to social distancing requirements.
Governor Polis authorized remote notarizations until April 27 (see how they work) and title companies are offering “contact-free” closings in their offices as well as “curbside” closings at their offices.
We know some people must move now or soon. We’re here to help. Interest rates are still low, which is a relief for buyers. If you’re selling, prepare for your home to spend longer on the market. Showings per listing are down over 60% in the past three weeks, which means homes will take longer to sell. We’ll have to ensure your home is properly prepared and that we implement the right marketing to attract buyers. Inventory is still lower than it was at this time last year and we’re still seeing homes getting multiple offers. We’ve also seen some transactions terminate. We expect that to settle down in the coming weeks.
Knowledgeable agents and consumers can act strategically during this time to buy and sell homes. If you have any questions, please don’t hesitate to contact us anytime. Call 720-408-7409.
Here’s what we saw during the last 7 days.
Last 7 Days
New listings: 1251
Pending: 1240
Back on Market: 363
Price Increase: 145
Price Decrease: 598
Closed: 1470
Previous 7 Days
New listings: 1451
Pending: 1365
Back on Market: 457
Price Increase: 145
Price Decrease: 665
Closed: 1256
Based on data from REColorado®