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Coronavirus May Not Affect Local Home Market

The home market is taking a significant hit in many areas of the state, due to coronavirus restrictions. But that may not necessarily be the case in Nevada County. Teresa Dietrich, with the local Association of Realtors, says she’s actually busier than she was a year ago. She says since the stay-at-home order was issued nearly a month ago, 70 homes have gone into contract….

click to listen to Teresa Dietrich

Dietrich says 131 homes were sold in March, compared to 137 a year ago, and the market normally starts to heat up in April and the summer months. But she says order restrictions have changed often, including real estate not even considered an essential business until a couple of weeks ago. Homes must be shown virtually first. And if people want an in-person tour, which most do, they must follow a number of limitations…

click to listen to Teresa Dietrich

Dietrich says the average price for a home in Nevada County in March increased nearly nine-thousand dollars from a year ago, to over 463-thousand dollars. Meanwhile, pending sales, statewide, were down 25-percent over the second half of March.

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