Summary – 6/8
/2020
Under Contract Listings: The Covid-19 impact appears to have been most noticeable for listings under contract (Pending + Active Under Contract) for both detached and attached residences, which would indicate a slowing for closings future weeks. As seen with Active Listings there appears to have been a strong reaction to the pandemic in Weeks 5-8 (March 29-April 25) with gradual recovery shown after week 8 for both Detached and Condo listings. Increases have become sharper during the last 3 weeks, turning to the first increase since at least the first week in March for both Detached and Condos.
Closings: Weekly Closings are difficult to track due to lags in entry into the FMLS database. Overall closings were slightly higher for the month of March compared to last year and are lower so far for April and May. Recent weekly closings will continue to rise however, and final results are not yet known.
Active listings: Total Detached Active listings rose slightly through mid-April, then flattened until a downturn began after Week 10 (5/10-16). Condos rose through Week 6 (4/12-18), after which total Active listings have been increasing gradually. New Active listings have increased compared to last year for Condos each week in May with a sharp increase occurring in the current week. Detached new Actives have been near those of last year until a drop occurred in the most recent 3 weeks.
Other measures: Evidence of market shift were also apparent in other statuses: Back on Market (failed contracts), Hold listings (temporarily off-market), and Withdrawals (off-market). Each of these measures increased after the first week in March, with some rising sharply. Fortunately, increases became smaller in more recent periods and Withdrawals were lower for detached listings after week 4 (3/22-3/28), possibly indicating that those sellers consider the downturn to be temporary. An apparent spike during the current week was mostly due to comparison to an unusually small number in the same period last year. Withdrawals for Condos rose sharply compared to last year during weeks 3 and 4 (March 15-28) and have remained mostly higher than last year since then. Listings put into Hold status rose sharply in week 5 (3/29-4/4) for both detached and attached listings after which they declined somewhat, remaining higher than in early March since then.
Changes by Price Range: Changes in these statuses by price range appeared to mostly follow the overall changes.Peak changes may have happened in one or two different weeks compared to the overall, but generally followed the overall patterns