Our local market was still selling at 91-96% of list price in the last month from Carpinteria to Goleta. 70 sales happened in our “virtual world,” compared to 138 sales for the same month last year. The average time on the market for April was only 58 days compared to 50 for the month before. Inventory levels are below 500 units. Although the volume of sales is down from last year, values remain strong due to lack of inventory for buyers.
The California COVID 19 Market Update just came out and has reported that due to the strength of the economy prior to COVID 19 we shouldn’t be as hard hit as the downturn of 2008. Evidence is showing that California is flattening the curve and hopefully this will mean that many can resume work soon.
The good news is that our market is still strong and, since things change everyday, enjoying the moment has gained more clout in my life and I hope it has in yours as well. Stay safe and healthy and we will get through this together.