15% Rise in Home Values Since During COVID-19
Sold! 110 Fairview Avenue in Piedmont
Listed at $2,100,000 • Sold for $2,200,000
It is shocking to many Piedmont homeowners (not to agents) that average sale prices have dramatically increased during Covid-19 by $416,000 or 15% during the first six months of 2020 over the first six months of 2019. Yes, the buyers did shy away from home purchases in March and most of April 2020 due to an almost shutdown of doing any business in the U.S. For real estate, we immediately shut down Sunday Open Houses and Monday brokers’ tours. Next up was establishing restrictions on entering homes for sale by signing a waiver form to not hold the seller responsible if a buyer or buyers’ agent caught the Coronavirus. Now to get the buyers into the homes for sale, two buyers and one agent was the maximum number of people allowed in the house and they were and are still today required to wear a mask and gloves. At first this was a tough adjustment by everyone.
Buyers quickly adjusted to the new way of doing business returning to the market to buy their homes in May 2020; thus making them Spring buyers because the Spring market was so short-lived before Covid 19 shut things down in March and April. We did have transactions in March and April but with the 10,000 drop in the Dow Jones and the uncertainty of what is now a Pandemic did result in some sales that sold below the list price.
This quickly turned around in May and June as evidenced by a 15% increase in home prices. Buyers returned to the home buying process in larger than normal numbers in May and June 2020. However, they came into a market with very few new listings; hence only 74 homes sold in the first half of 2020 versus 70 in the first half of 2019. The shortage of new homes on the market also contributed to the double digit increase in home sale prices. Further proof of higher demand can be seen in the aforementioned statistics of the lower average days on market of eleven days on market in the first six months of 2020 verus 17 average days on market in the fixt six months of 2019.
Piedmont Half-Yearly 2020 Analysis
Six Months Ended 6/30/2019
Six Months Ended 6/30/2020
# Of Homes Sold
70
47
Average Days on Market
17
11
Average Sales Price
$2,407,235
$2,823,021
Median Sales Price
$2,300,000
$2,800,000
High Buyer Demand Now in 2020
Will You Take Advantage of this Window?
Many are now taking advantage of this window of new higher demand before the flu and Covid-19 merge during the upcoming Flu season. I signed up six new listings from June 29th – July 5th! This was the largest number of signed listings in my career over a one-week span. July 4th and the month of July have always been our slowest month of the year for transactions. I have to remind myself why this is happening this year. All of these buyers out there now did not have a chance to become Spring buyers with the airborne Coronavirus Pandemic. Spring buyers are now Summer Buyers!
Innovative marketing strategies, unparalleled ethical standards, and superior negotiating skills distinguish Anthony as a leader in the industry. Contact Anthony today to discuss your plan for real estate success.
Piedmont Has Risen From the Pandemic and Anthony Riggins and His Team Are Ready to Work With You!
We have been working diligently over the last four months maintaining our record breaking sales volume of 2019 making Anthony Riggins the number one agent in Piedmont, Oakland and Berkeley. We did press the reset button quickly and began preparing for this new world of doing business in real estate. Sellers rejoice as we present and show properties of my listings with real buyers with real purchase goals. Prices are adapting to reflect the new housing economy, new inventory levels and higher sale prices for Sellers.
