I hope you’re staying healthy! As our ways of life continue to change, the real estate market is also changing. Virtual meetings, open houses, and video walkthroughs are beginning to rise in popularity as well as digital contract presentation and signing. We’ve also rolled out a new contract contingency specifically addressing deadline delays due to COVID-19.

Here are some recent listing and sale statistics comparing this Tuesday’s activity to last Tuesday. I’ll help you digest this in a moment:

New listings:

  • In the last seven days: 2,285 (2,564 last Tuesday) – 12% week over week
  • In the last three days: 776 (736 last Tuesday) + 5% week over week
  • In the last 24 hours: 312 (330 last Tuesday) – 6% week over week
New Pending Sales (accepted purchase agreements):
  • In the last seven days: 1,734 (1,715 last Tuesday) + 1% week over week
  • In the last three days: 764 (702 last Tuesday) + 8% week over week
  • In the last 24 hours: 250 (274 last Tuesday) – 10% week over week
Closed Sales:
  • In the last seven days: 1,660 (1,157 last Tuesday) + 30% week over week
  • In the last three days: 724 (384 last Tuesday) + 47% week over week
  • In the last 24 hours: 325 (203 last Tuesday) + 38% week over week
Back on Market (sales fallen through):
  • In the last seven days: 296 (285 last Tuesday) + 4% week over week
  • In the last three days: 132 (119 last Tuesday) + 10% week over week
  • In the last 24 hours: 48 (48 last Tuesday) no change week over week
Showing Activity (through 4/1/2020):
  • According to our MLS’s showing vendor, showing activity is down 11.3% from last year on the same date. Based on the stats above, this could be the casual lookers withdrawing from the market.

New listings are down, but new pending sales have trended up – that indicates that demand has outpaced new inventory in the last week. If this trend continues, home values should continue to rise. Of course, I’ll keep watching these numbers as we proceed.

As you know, a sale generally takes 30-45 days to close. Most of the closed sales above are from purchase agreements accepted before the stay at home order was issued. You’ll notice there’s a dramatic increase in closings week over week – it’s very typical that the last week of the month is busiest for closings.

Sales can fall through for a number of reasons; I’ve been watching the Back on Market stats for spikes, which might indicate a shift in qualified buyers due to layoffs. They’re up slightly, but when considering the other statistics, not alarming.

As always, if you have any questions, please let me know!

Stay healthy!

Jonathan Lindstrom
 
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