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As an industry, we are finding ways to conduct business in a reduced, yet responsible manner.  Here are a few of the actions I have seen implemented in the past week:

  • Real estate attorneys at the Bar Association quickly created an addendum related to the uncertainty of current business environment.  It provides automatic extensions if transactions are interrupted because of outside factors.
  • The State of Colorado approved use of “remote notary” standards.
  • Listing agents have instituted strict showing protocols including: questions about health and travel; strict time frames on showings (time in house and time between showings); instructions on using provided disinfectant and sanitizer, etc.
  • The use of 3D and other virtual tours have been utilized in order to enhance the online experience.
  • Title companies have instituted closing procedures that include “curbside” closings, where the title officers go to the clients cars to get signatures.  As much as possible is being done in advance electronically.

We are all adapting while trying to adhere to the ‘spirit’ of the stay at home directives as well as social distancing.  I’m so thankful that so much can be done electronically these days! We are still able to keep transactions moving forward and to help those clients who really have a deadline in terms of housing.

As far as the market is concerned, it is obviously much slower than normal. But there are still new listings coming on the market (still over 100 new listings last week in Boulder County), showings taking place (about 1/6 of our normal amount this time of year) and contracts being written (this past week had about half as many as were written during the same week a year ago).  The graphs below tell a good story about the activity in the market  there is a brief caption below each graph.

51 properties went under contract during the past week. A year ago 105 went under contract during the same week.

 

This graph shows total showings for the week in the Boulder/Longmont area. Showings dropped to about one third of what we were seeing at the end of February.

 

The graph above shows the number of showings each day in the Boulder/Longmont area by price. The top blue line shows the total listings and the lines below show the breakdown by price. Homes below $1 million are getting most of the showings. There are very few showings happening in the higher price ranges.

 

The number of new listings dropped this past week but it is still higher than I thought it might be. 107 new listings came on the market. Of those 13 went under contract right soon after listing.

 

Other agents and title officers have told me about deals falling apart because of the financial uncertainty caused by the pandemic. But for the most part transactions are still going through. March closings will still be strong. We will see the effects in the form of lower sales numbers in future months.

 

I hope everyone is adapting and doing fine. It’s certainly a new experience for all of us!  I have appreciated the opportunity to get some projects done on my website and for upcoming listings, that I have been on my ‘to-do’ list. I’ve also been able to get some home projects completed.  I’ve appreciated the steady stream of walkers and bikers traveling behind my house on the multi-use trail. Many of these neighbors I haven’t seen before. I’ve also appreciated the quiet at night when I take my dog for a walk before going to bed.  Maybe some of these new patterns and activities will remain with us and become a positive in our lives when we get more back to normal.  Stay well, productive and active!