May 14, 2020
1Q20 VERY Insight Report
At VERY, one of our core values is to share knowledge at every opportunity. Especially in these challenging times, its more important than ever to be a resource.
In that vein, we are pleased to present our first quarter 2020 VERY Insight Report, a review of residential market trends in VERY’s core neighborhoods, Philadelphia County and the surrounding suburban counties.
This report features a special section reviewing the impact of COVID-19 on year-over-year April numbers.
Over $2.6 billion of real estate changed hands in the first quarter. In April, we saw Sales Volume down nearly 35% year-over-year. April is traditionally one of the strongest months in our market as the closings reflected account for the early spring inventory.
Real estate is still considered a non-essential business under Governor Wolf’s Emergency Disaster Directive thereby limiting real estate services throughout the state effective mid-March. The longer term impact of COVID-19 and this shutdown will likely be more dramatically reflected in the year-over-year May numbers.
We are seeing many buyers and sellers on the sidelines and anticipate robust activity when our doors reopen.
Any questions about our report or curious about what your home is worth in this market, please don’t hesitate to reach out.
Stay safe and well.
To review report, click here.