As we slowly return to some sense of normalcy after the economic shutdown, the Denver real estate market continues to scream along. Through the height of the pandemic, home sales slowed but never stopped. As soon as the Stay-At-Home order was lifted, Denver real estate sales took off for a wild ride.
In Part 1 of this series we looked at the adoption of online notarization as an alternative for completing a real estate transaction during the pandemic and subsequent lockdown. Colorado Governor Jared Polis implemented an executive order, approving the use of online notarization and the State Legislature subsequently passed a bill essentially making the executive order permanent.
The worldwide Covid-19 pandemic changed many aspects of life as we knew it. Like it or not, many of the changes we have experienced are a paradigm shift that will forever alter the way we do things. While change is not always easy, it often brings benefits in a new way of doing things.
It’s a staple in our movies. The hero, fighting overwhelming odds, insurmountable obstacles and facing certain defeat always comes back in defiance leaving audiences cheering for more. Hanging onto the ledge by a finger or saving the day by mere seconds, we collectively root for the hero to overcome the odds and win the day.
The Covid-19 Pandemic and subsequent dismantling of the US economy has residents wondering what the future of Denver Real Estate looks like. While Colorado has certainly not gone unscathed by the Coronavirus, we have clearly been more fortunate than States like Washington, Louisiana and New York. In fact, one of the advantages to living in Colorado is we are somewhat insulated from the coasts. We tend to be affected later and to a lesser degree when it comes to national events.
The new year started off strong with a hot seller’s market. In the last four weeks a sudden economic shift has everyone wondering where we go from here. Fast changes have come as the Covid-19 crisis transforms the way we do things. New obstacles stand in our way, while our innovations keep our personal and business lives moving forward.
A recent outbreak of a coronavirus, first detected in Wuhan City, China, has gone from a local issue to a potential world-wide epidemic. The virus, which is easily transmitted between humans, is creating enough public health concerns that the US stock market has reacted negatively over the past couple of weeks. With this kind of volatility, is Denver real estate facing a potential issued based on the virus?
There is a perception that nothing happens in real estate at the end of the year. It’s true that the winter months see the number of listings and transactions decline. The holidays are clearly a distraction, and weather can be a deterrent in looking at homes for sale or making a move. But this past December had moderate weather and the highest number of transactions over any December in the last several years.
As we head into another year, Denver real estate continues its long run of rising values in a seller’s market. In 2018 we saw a shift in demand, taking us out of the white-hot selling frenzy we experienced from 2014 to 2017, and moving into a slower paced sales cycle. This past year the market retained its strength and momentum, leaving us with solid sales and another round of increased home values. As we move into 2020, will Denver real estate stay the same course?