This past March we were faced with a brand-new pandemic. Locked down in our homes, with businesses closed, our lives were put on hold. With so much uncertainty, who knew we would end the year with one of the hottest real estate markets in the country?
The Covid pandemic and multi-county stay-at-home orders changed everything. March was off to the typical start when two weeks into the month everything shut down. Despite the lockdown, real estate sales continued, albeit at a much slower rate. Predictions of the demise of the Denver real estate market circulated, but the crash didn’t come. As soon as the stay-at-home order was lifted, the Denver real estate market took off.
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.
After the economic shutdown from the Covid-19 Pandemic, the Denver real estate market appeared to be in a perilous position. Talk of the imminent collapse of the housing market was bantered about for a while. The question being asked was when the housing market would crash, not if it would crash. Yet the predictions did…
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.
Going into the current crisis we were moving back into a strong seller’s market. Buyers have been very active the first two months of this year while available inventory has remained low. The health crisis and financial impact came about very quickly, yet the real estate market did not simply go off a cliff. Over the last week we have seen new properties coming onto the market and homes going under contract. The market has changed, but does not appear to be in a freefall.