|As we get ready to enter into week four of the stay-at-home order, it’s important to remain informed on the current status of the Real Estate Market using reliable, fact-based data. |
Again this week we are providing you with a detailed Year-to-Year Market Snap Shot comparing the new listings, pending transactions, and closed transactions for 2020 against the previous three years. We are also providing you with a look at the effect Covid-19 has had on new listings, pending transactions and sales over the last 4 weeks.
Lastly, don’t forget to take a look at the ShowingTime chart at the bottom of this email so you can see how the ‘no in-person showing’ mandate is effecting showing numbers compared to this time last year. Our goal is to provide you with information that will empower you to educate your clients and sphere on the impacts Covid-19 is having on their real estate assets and to better arm your current clients with the data that they need to make the best possible decision on the timing of when to buy or sell. The good news is, that even with the no in-person showing mandate, we are still seeing a lot of buyer offers being generated and accepted!
This week’s chart reflects “Week 14” or Monday, April 6th through Monday, April 13th. You will be able to see how the new listings, pending transactions and closed transactions stack up compared to Week 14 in previous years.
|Deciphering This Data |
Each week the Real Estate Industry looks a little different as we attempt to adapt to the rapid economic changes caused by Covid-19 and redefine how we assist buyers and sellers with a statewide stay-at-home order in place. I think we can all agree that we have done a great job at accepting our current reality and rising up to the challenges and changes that are being placed before us.
This week as we analyze the data, we are once again seeing all three of the metric categories make a noticeable decline. This was certainly anticipated as we rounded the corner into yet another week of the statewide stay-at-home-order. Although new listings have been slowly declining year-over-year, during Week 14 we saw new listings plummet. New listings were down 1102 units, a 48% decrease compared to the same time last year. Pending sales also dropped by 890 units last week: a 47% decrease compared to sales the same time last year. Closed sales dropped from 1216 closed units in 2019 to 934 closed units in 2020, a 23% decrease. As I mentioned last week, I still attribute a large percentage of our pending and closed sale declines to the temporary job layoff’s which prohibited home buyers from receiving final loan approvals as they no longer have the income required to qualify for the very loan they were pre-approved for just last month. Again a very, very small percentage of fear-driven voluntary terminations did occur last week due to all of the uncertainly.
We will continue to watch the numbers week by week and will deliver timely and relevant data. This will help you see how buyers and sellers are behaving in real time, allowing us to predict how the market will likely preform over the weeks ahead.