Coronavirus Market Stat Update 10
The number of new listings in the MLS yesterday, Tuesday, March 31, was 95. That was down 9% from last week and down 10% from a year ago. Comparing the past week to the same week a year ago, the number of new listings was down 17%.
The number of new contracts on Monday, March 30 was 126. This was up 5% from the prior week, but down 32% from the corresponding Monday in 2019 (with our strong seller's market, Monday tends to be the day with the most contracts signed). For the week ending on Monday, the drop in contracts was 39% compared to the same week last year. I don't use yesterday's contract numbers because of the lag time in reporting them, so I go back two days for a more reliable number.
The number of listings withdrawn from the market on Tuesday, March 31 was 19 while 29 were changed to 'temporarily off market.'
Overall, the comparison to a year ago (especially the weekly comparison) gives us a good idea of how the coronavirus has changed the real estate market. I will address this in a separate post later today, but Governor Abbott issued an executive order on Tuesday classifying real estate activities, including showings, as essential. This will certainly change things, though I certainly hope people don't use it as an excuse to think it is business as usual.