March 2020
As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.
New Listings in the Twin Cities region increased 16.0 percent to 7,220. Pending Sales were up 11.2 percent to 5,148. Inventory levels fell 11.3 percent to 8,597 units.
Prices continued to gain traction. The Median Sales Price increased 8.0 percent to$297,000. Days on Market was down 9.1 percent to 60 days. Sellers were encouraged as Months Supply of Homes for Sale was down 15.0 percent to 1.7 months.
While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. See national and state showing activity trends at https://www.showingtime.com/impact-of-coronavirus/.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
