The real estate market has been strong and consistent for years in our market area and beyond. As our world has had to recently navigate the unexpected challenges and affects of Covid-19, there has been a great deal of uncertainty; and more than ever, people want to know what the state of the real estate market is. As communities expand with re-opening, and some local and state restrictions have been lifted over past weeks, we have been able to begin to get a clearer picture. Real estate continues to transact, and prices have been holding for the most part - in some cases even increasing. Three factors so far remain in tact - strong buyer demand, low inventory, and all-time low interest rates. And although there have been fewer options for buyers to choose from, this is the time where more sellers will be listing their properties for sale, which we have already been seeing.
Despite challenges surrounding the ability for buyers to actually come to Vermont from out of state, and sellers being willing or not to have their properties shown, all parties have had to find ways to adapt. Real estate agents have had to enhance their virtual property tours to enable buyers more visual opportunities to view and even purchase, with assistance from their agents. As a result, we have been seeing more buyers becoming increasingly active, and properties going under contract at all price points. In some cases buyers had not even physically seen the property. As with pre-Covid, some sellers have been presented with multiple offers, a number of which have been for over the listed prices. We have been monitoring the market more closely than ever, and have found over the past couple of weeks pending sales and closed sales in our market area have been robust - in all price ranges. Two weeks ago all 4 homes that sold, were on average, within 5% of the list price.
Despite the ongoing need to adapt, including new protocols for showing properties (think masks and other safety precautions), we are optimistic that these consistent trends and consumers' resiliency will continue as we enter our busiest selling season of the year. Be assured that our goal is to keep the public informed, and provide whatever assistance may be necessary, more often than ever during these changing times.