We are seeing the seasonal rise in the number of new listings like we always do this time of year, just on a reduced scale:
Just the Facts:
Week over week, no big changes in the numbers of new listings, pending listings, or total number of homes for sale. But when we compare this to last year, it is EYE OPENING!
We have 40% fewer new houses come on the market this week when compared with the same time last year. That doesn’t seem shocking at all considering we are still in the most restrictive phase of the Stay Home Order. What is surprising is that we only have a 13% decrease in the number of pending listings. That is a loud indicator that buyer demand right now is strong. I believe if we had only 20% fewer listings, we may be seeing MORE pendings (for houses) than we did last year, but because supply is short, it is restricting the number of houses that are going pending.
Condos are not seeing such robust metrics. The decrease in buyer demand is double the decrease in new listings. That equates to an even more challenging condo market than we had this same time last year. It would make sense that as people long for a little more personal and physical space, they would be less attracted to condo buildings considering all the communal spaces one has to navigate in a condo building.
It is certainly not business as usual. If you want the specifics on how we are doing things during this COVID crisis, check out the blog here.