March 2020 Market Data
Nationally, 2020 started off very strong with February setting a record for home sales. With inventory as low as it is, we continued to see quick sales and high prices in the Gallatin Valley as well.
Right around the start of Spring Break in mid-March, there was some uncertainty as to what influence the Covid-19 pandemic would have on the market. The stock market was in flux and oil prices went way down.
Once people got comfortable sheltering in place, it started to feel like the race was on! Deirdre has been showing homes almost every day. Virtually usually if they are occupied and in-person if they are not. We have written several contracts in the last 10 days and most have been competitive, multiple-offer type scenarios.
On a national level, consumer confidence is always a bit low during an election year WITHOUT all the pandemic and economic factors. This year is likely no different. But, here are some key differences. #1 - new homes are not being overbuilt like they were during the recession that happened in 2008. #2 - because of what happened in 2008, protocols to protect the public from predatory lending practices were put in place. So, banks and consumers are in a much more stable position at this time.
Here's a link to all the market data comparing against last year and tallying year to date. We hope that you are healthy and feeling good physically, emotionally, spiritually, and all the ways! Please let us know how we can be helpful for you.