“How will coronavirus affect real estate? Some folks will be afraid to make decisions,” reports Linda O’Koniewski, CEO of Leading Edge. “Remember what Warren Buffet famously said, ‘Be fearful when others are greedy, be greedy when others are fearful.’ It applies now. Meanwhile, there aren’t enough properties to meet buyers demand in many markets and especially at affordable price points. Interest rates plummeted this week, so the feeding frenzy is on in hot neighborhoods for desirable properties.”
February sales of single-family homes in the Leading Edge service area decreased -10.9% year-over-year. Inventory decreased -43.6%. The number of days on market over the last 12 months increased +8.8% while median sale prices remain up +3.2% at $640,000.