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April Market Update

April 2020

While the stock market recovered significantly in March, the effects of COVID-19 to
the economy continue to build. In just the last four weeks, more than 20 million
people filed initial unemployment claims according to the United States Department
of Labor, fueled by stay at home orders and a slowdown of economic activity across
the country. Added to the unemployment claims from March, more than 30 million
people have become unemployed since COVID-19 has become widespread in the
U.S. In the face of these challenging times, real estate activity in April slowed
significantly.

New Listings were down 18.8 percent to 1,287. Pending Sales decreased 6.6
percent to 1,292. Inventory shrank 4.4 percent to 2,702 units.

Prices moved higher as Median Sales Price was up 6.1 percent to $188,900. Days
on Market decreased 15.0 percent to 51 days. Months Supply of Inventory was
down 8.0 percent to 2.3 months, indicating that demand increased relative to
supply.

While the effect of COVID-19 continues to vary widely across the country, it is
expected that social distancing, higher unemployment, and lower overall economic
activity is likely to continue to constrain real estate activity in the near term. At the
same time, the industry is adapting to the current environment by conducting
business using technologies such as virtual showings and e-signing to help buyers
and sellers with their housing needs in the face of these challenges.

 

 

 

 

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Busy Week!

It’s been a busy week.  Closed on one of my listings as well as listed two homes this week that received multiple offers and were under contract in ONE day!  The market is hot and buyers are more driven than ever.  With near historic low interest rates, buyers are taking advantage.  If you have been thinking of buying or selling, RIGHT NOW, is the ideal time.

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All Time Low Interest Rate!!!

The average for a 30-year fixed-rate mortgage hit an all-time low this week for Freddie Mac. Sitting at 3.23%, this is the lowest the Freddie Mac average has been since the entity started keep track of rates in 1971. While that is good news for current homeowners who might be able to benefit from a refinance, it’s not terribly helpful for folks who are out of work and cannot get a mortgage loan without a job.

The latest data from the Mortgage Bankers Association shows that, despite the millions of Americans without a job, purchases went up last week by 12% compared to the week before. As expected, the year-over-year number is down for purchases but that weekly increase is a big positive as we move into phased reopenings of state economies.

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Restaurant Openings in Columbia Area

I am sure many of you are ready to enjoy a meal out of your home this week! I recommend calling first as some may require reservations for the outdoor seating area.  Please keep in mind that not everyone is ready to adventure out yet.  Let’s all be respectful of other people’s choices and continue following the CDC guidelines.

LEXINGTON AND IRMO

Eggs Up Grill, 205 Columbia Ave., Lexington, 6 a.m.-2 p.m.

Goodfellas Grill and Bar, 760 US-378 #1, Lexington, 11 a.m.-9:30 p.m.

Mathias Sandwich Shop, 7235 St. Andrews Road, Columbia, 7 a.m.-6 p.m.

Old Mill Brewpub, 711 E. Main St., Lexington, 3-8 p.m.

Flight Deck Restaurant, 109 Old Chapin Rd, Lexington, 11 a.m.-9 p.m. (Monday-Thursday)

WingPlace, 5230 Sunset Blvd., Monday-Wednesday 4 p.m.-9 p.m. .and Thursday-Saturday 11 a.m.-9 p.m.

LAKE MURRAY

Rusty Anchor operated by J Peters on the Lake, 1925 Johnson Marina Road, 4-8 p.m.

Catfish Johnny’s, 1925 Johnson Marina Road, 4 p.m.-8 p.m.

MAIN STREET DISTRICT

East Bay Deli, 1426 Main St., 7 a.m.-6 p.m.

Good Life Cafe, 1614 Main St., 8 a.m.-7 p.m.

Greek Boys, 1469 Sumter St., 10:30 a.m.-3 p.m.

The Grand, 1621 Main St., 11 a.m.-8 p.m.

The Main Course, 1626 Main St., 9 a.m.-8 p.m.

NoMa Bistro by Al Amir, 2431 Main St., 10 a.m.-9 p.m.

FIVE POINTS

Groucho’s Deli, 611 Harden St., 11 a.m.-9 p.m.

Jake’s, 2112 Devine St., 4-10 p.m.

Nicky’s Pizzeria, 2123 Greene St., 11 a.m.-9 p.m.

Pawleys Front Porch, 827 Harden St., 11 a.m.-9 p.m.

Publico Kitchen & Tap, 2013 Greene St., 11 a.m.-9 p.m.

Salty Nut Cafe, 2000 Greene St., 11 a.m.-8 p.m.

Saluda’s Restaurant, 751 Saluda Ave., 5-8:30 p.m.., reservations only

THE VISTA

Five Guys, 931 Senate St., 11 a.m.-9 p.m.

Thirsty Fellow Pizzeria and Pub, 621 Gadsden St., 11 a.m. – 8 p.m.

Tin Roof, 1022 Senate St., 4 p.m.-2 a.m.

The Pot Smoker BBQ, 931-A Senate St, 11 a.m. ⋅ 9 p.m.

Carolina Ale House, 708 Lady Street. 4 p.m. – 7 p.m. only

The Twisted Spur Brewing, 705 Gervais St, noon – 8 p.m.

1801 Grille, 700 Lincoln St #200 on the USC campus, 11:30 a.m.-8 p.m.

ROSEWOOD

Rosewood Dairy Bar, 3003 Rosewood Drive, 10 a.m.-10 p.m.

Seawell’s, 1125 Rosewood Drive, Wednesday-Friday, 11a.m.- 1:30 p.m.

Dano’s Pizza, 3008 Rosewood Drive, 11 a.m.-10:30 p.m.

Rockaway Athletic Club, 2719 Rosewood Drive, 11 a.m.-11 p.m.

DEVINE STREET

Backstreets Grill, 2400 Devine St., 11 a.m.-9 p.m.

Burger Tavern 77, 2631 Devine St., 11 a.m.-10 p.m.

Henry’s Restaurant & Bar, 2865 Devine St., 11 a.m.-9 p.m.

Urban Cookhouse, 3000 Devine St., 11 a.m.-9 p.m.

Za’s on Devine, 2930 Devine St, 11 a.m. – 9 pm.

STATE STREET/ CAYCE/WEST COLUMBIA

Cafe Strudel, 300 State St., 8 a.m.-3 p.m.

George’s Southside Restaurant, 2333 Charleston Highway, 6 a.m.-8 p.m.

Kingsman Restaurant, 936 Axtell Drive, 11 a.m.-9 p.m.

D’s Wings, 920 Axtell Drive, 11 a.m.-10 p.m.

Nick’s House of Pizza Restaurant, 1082 Sunset Blvd., 11 a.m.-9 p.m.

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CHANGES IN REAL ESTATE DUE TO COVID19

I am making a lot of changes to help keep my clients safe as I am either marketing their home or showing homes to my buyers.  I know there are also a lot of concerns that the housing market is going to suffer terribly like it did in 2008 housing crash.  I can assure that we will not experience a repeat of 2008, at least not in the near future.  Please watch my video explaining it all.

https://desk.bigvu.tv/