We don’t have any solid data or history to determine how COVID-19 stay at home orders, layoffs and quarantines will impact the real estate market. Real estate isn’t a priority or emergency for most but since I have a blog and access to numbers I’ll continue to report local real estate news.
It will be a month or so before we will have a true picture of what March was like for home sales but we do have data on how many people are touring homes with their REALTOR which is allowed even under the statewide shutdown order as long as precautions are taken.
A week ago private showings of homes on the market were down 25% from last year and 24% from the peak this year. This week the number of showings are down almost 40% from this year’s peak and slightly more than 40% as compared with last year. This is an indication that fewer people are touring houses.
Since there is and has been a shortage of homes for sale it is hard to say what the impact of this will be but it is an early indicator that the local housing market is impacted by COVID-19 just like everything else.
We are still in a strong seller’s market with a low inventory of homes for sale just like last year and the last several years. The average days on market for homes that got offers in march is around 25.
So far nothing has slowed and prices have not gone down. I did get an email from a lender stating that it might be harder for some buyers to get FHA loans because banks are being more cautious.
Check next Monday for March 2020 local real estate numbers and next Tuesday for a new showingtime chart.