When COVID-19 hit, we had nine consecutive weeks of year-over-year declines. Fear of the virus, stay-at-home orders, unemployment, and fear of unemployment affected our local housing market and markets around the globe. Thankfully, after several weeks, our market stabilized then began to recover. By mid-May, new listings and new agreements of sale surpassed 2019 numbers. By mid-June, 2020 listings and sales contracts were 12 percent above 2019 numbers.

Eileen's Housing Market Update (Video): www.youtube.com/watch?v=XNTbAfxite4&t=18s

(Roughly 1,300 in 2019, 2,500 in 2020). Since then, we've enjoyed about 25 straight weeks of year-over-year growth, sometimes in the 20 percent range! This made up for the lost opportunities during the shutdown.

Now, as we approach winter, growth has tapered off and COVID-19 cases are rising in our state. Still, new sales contracts and new listings are very close to where they were in 2019 (check out adjacent graph comparing five data points, comparing January through October of 2019 and 2020).

With the recent spike in COVID-19 cases, you might be worried that our gains from 2020 are in jeopardy. Don't worry; things will be fine.

Here's why:

First, the shock is gone; we've been here before. We saw COVID-19 hit then decimate our economy and we lived to tell about it. Now we're poised to act rather than react. We know how to wear masks, social distance, and work effectively from home. We figured out how to show and see and sell homes wearing booties and gloves. If things shut down again, we've gotten good with video chats and virtual showings. It will barely slow us down.

Second, mortgage rates are still very low. Any ill-will the virus will have on the housing market this spring will be cushioned by the record-low mortgage interest rates. The rates right now for a conventional 30-year fixed rate for a single family home are between 2.65 percent and 2.875 percent, depending on credit score and down payment. That's awesome! This is going to soften any punch that COVID may try to deliver.

Tony Zeis, homeowner in Hershey, will list his home this coming spring because of a job relocation. He's waiting until the spring to sell.

"Our personal situation required that we hold off selling our home until the spring," Zeis said. "I'm fine with that; I feel like with rates being so low and inventory in such a shortage, it will still be a great time to sell in the spring."

Finally, a vaccine is near. We're fatigued over the whole thing but we see the end in sight; knowing a vaccine is months or weeks away gives us the fortitude to keep moving and will give home buyers the confidence to keep moving, too.

Homes will continue to sell during the cold months. When spring hits, get ready for it to rain.

Eileen S. Voyles is a REALTOR® with Berkshire Hathaway HomeServices Homesale Realty. She can be reached at 717-508-4610 or evoyles@homesale.com.

https://news.thesunontheweb.com/articles/the-real-scene-21/