Real Estate and COVID-19 are two things that would have, if predicted beforehand, spelled out misfortune for all parties involved except opportunistic investors. But in reality, the market kept pushing through. For example, according to the NAR the following are the most resilient markets during and after the pandemic. In alphabetical order, the Top 10 markets showing resilience as COVID-19 impacts real estate are:
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Boise City, Idaho
- Charleston-North Charleston, South Carolina
- Dallas-Fort Worth-Arlington, Texas
- Des Moines-West Des Moines, Iowa
- Indianapolis-Carmel-Anderson, Indiana
- Madison, Wisconsin
- Phoenix-Mesa-Chandler, Arizona
- Provo-Orem, Utah
- Spokane-Spokane Valley, Washington
Local Impacts on Real Estate
With limited inventory and an incredible selling rate at a median of three weeks, no one is really shocked that home prices continue to push upward across the U.S. What’s more, historically, the surge in prices isn’t new. It has, in fact, continue to rise for about the last 9 years. NAR numbers show us that, “the median existing-home price rose to $310,800 in November; 15% more than a year earlier; 41% more than five years earlier.” Considering the predicted effect of COVID-19 on real estate – those statistics are pretty significant.
What about locally? Well, if you look at the numbers, specifically the top 5 counties in the COUNTRY with properties valued at over a million dollars, three of them are in California. So while the impacts of COVID-19 on every side of the real estate industry has been felt globally… California continues to fare well in this regard and shows no signs of slowing down too much if at all. The areas we, the Astman Group, work in show essentially the same results as COVID-19 continues to affect the real estate industry.
In Woodland Hills, you only have a handful of properties in the 600k to 900k range and everything else is pushing past a million easy. West Hills, Encino and nearby areas have essentially the same figures. Calabasas and the rest of the areas we cover, have maybe 1 or 2 similarly priced/sized homes and the rest are booming past 1, 2 million and into the 5 to 30 plus million zone. Growth was predicted. The world and real estate itself was hit with the COVID-19 pandemic. Growth continued.
The Future for COVID-19 , Real Estate and the Market
As for predicted growth, whatever the accuracy in the past, it always merit careful research and advice. Trends show growth is set to continue in Calabasas, West Hills, Agoura Hills, Tarzana, Encino, Hidden Hills and the other areas we work in. No one can predict the lasting consequences of COVID on real estate. But so far, no doomsday has arrived. The markets continue to show resilience. And buying and selling is encouraged. If you’re interested in selling or buying in any of these communities, I am here to help.