Coronavirus Market Stat Update 8
The number of new listings added to the MLS yesterday, Sunday March 29, was 57. That is a high number for a Sunday - in fact, a 16% increase compared to the average for the past four Sundays. Of course, we are now heading into a time of year when we expect more listings to come to the market. When I started out tracking these numbers on a daily basis, it was just to see how we were changing day-to-day and week-to-week. However, as it stretches on, I believe I need to start comparing the numbers to this time same frame a year ago to really get the impact of how the market is impacted by Covid-19. Those numbers will take a little while to put together so I should have those ready in the next day or two.
The number of contracts continues to decline as more people observe the shelter-at-home orders. Using a rolling four-days (excluding yesterday because of the time lag of agents changing the MLS status) of Wednesday to Saturday, the number of contracts was down 25% from the week prior. Of course, the market was already slowing by then. Compared to the three weeks before that, the declines are 35%, 41%, and 34%. Again, once I assemble the year-ago numbers, we can put this in better context.
The number of withdrawn listings was 8 and the number changed to 'Temporarily off Market' was 27. Both higher than usual, but lower than we've seen recently.
Please let me know if you need anything real estate related.