Thoughts on COVID-19 and Charlottesville’s Real Estate Market – #2

I think I’ll keep writing these weekly updates, if for no reason other than to show some pictures from bike rides around Charlottesville. Today’s picture is from a Sunday ride, late morning, on streets that normally are quite active. In the face of the ongoing (now, until at least 30 April 2020) national social distancing initiative, I suspect we’re going to see these remain quiet. Questions about the market? Ask me anytime.

First, though.

SupportCville.com –  an active resource of ways locals can help and get help.

Second, for more in-depth thoughts, please read my story from 24 March. Not much has changed since then with respect to my thinking about COVID-19’s impact on the Charlottesville real estate market. We did have the $2.2T “COVID-19 relief bill” signed, > 3 million people filed for unemployment last week with more expected to file as we move through this thing, and a lot more people in the US and the world are sick and have died, but frankly, no one knows what the short or long term effects of this disaster are going to be. I’ll tell you in 3 years.

Quiet West Main Street on a Sunday Morning
Quiet West Main Street on a Sunday Morning

Quick Update on the Charlottesville Real Estate Market

I’ll take a deeper look at the market around 4 April 2020, but for now

Contracts are way down as are new listings.

Charlottesville + Albemarle

  • 2019 – From 1 January to 13 March – 493 Contracts for Single Family, Attached, and Condos were written
  • 2020 – From 1 January to 13 March – 516 Contracts for Single Family, Attached, and Condos were written

And then, same as above but for the dates

  • 2019 – From 13 March to 28 March – 196 Contracts were written
  • 2020 – From 13 March to 28 March – 116 Contracts were written

Showing Time - National Stats

What’s happening right now?

  • Offers are still being written, sometimes multiple offers
  • More first showings are being done by video, either by the buyer agent, or the listing agent (two very different perspectives)
  • I’m encouraging more strongly than before for buyers to drive by properties before asking to see inside
  • I’m encouraging sellers to get on the market if they need to sell
    • Will there be a “virus discount” to account for fewer buyers in the market? Maybe.
  • Buyers are being more cautious – washing hands, not touching things, and Sellers are opening doors in their houses to minimize the need to touch things.

There’s a lot of fear in the market. There’s a lot of fear in the world.

My goal remains the same: advise my clients to the best of my ability to ensure that they have the best, more relevant information to make the best decision for them. Sometimes, that’s to wait. Sometimes, it’s to buy or list their home.

There is no piece of advice that applies to all clients.

Except, wash your damn hands.

Not sure where I got this

Weekend Bike Ride Pictures

Also, you may follow me on Instagram – @JimDuncan and @RealCrozetVA

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