In this video let’s review the trends we saw in March and April 2020 and what main impact the Coronavirus had on our market.
Average sales price and price per SQ/FT were up, but new listings were down. The inflow of new listings into the marketplace dictates most other trends including total homes for sale, pending sales, and closed sales. When that drops we can expect a nearly identical drop, which is what happened.
Most home sellers are still motivated (same with buyers), but given the temporary shutdowns, they chose to wait a few weeks before listing their homes.
Looking at a weekly breakdown, the “bottom” was the second to last week of April (4/20-4/26). Since then the amount of new listings has increased. The market is already rebounding and will continue to strengthen throughout this month.
I hope you and your family are continuing to stay safe and healthy!