Coronavirus Market Stat Update 7
The number of new listings posted to the MLS yesterday, March 28, was 86 which is a drop of about 28% from the two prior Saturdays. Given the time lag in agents changing the MLS status for homes under contract, I use a rolling count from Tuesday to Friday and compare to the same days in the four prior weeks. The drop in contracts is 28% from last week, 35%, 44%, and 39% for each of the weeks preceding.
The number of homes withdrawn from the market yesterday was a surprisingly low 2. The number of homes changed to the 'temporarily off market' status was 30, which is certainly much higher than normal times, but low for the past week.
I expect that the new listings and number of contracts will continue to fall during the upcoming week. Homes that had staging, photos, videos, etc ready to go before the shelter-in-place order were prepared to come to the market and many followed through with those plans.
As always, contact me to find out how coronavirus impacts your real estate plans and what we can do at this point in time.