What impact did coronavirus have on our marketplace in March?

In March, 11,241 new listings came onto the market, and compared to March 2019, when 11,308 homes went up for sale, it represents a 0.6% decrease in the number of homes coming onto the market. 

There were 14,944 active listings in March this year, which is a 29% decrease over 2019’s 21,117 active listings.

In terms of the number of homes sold, there were 8,852 sales this March, compared to the 8,490 sales last year—a 4.2% increase in the number of homes sold.

The months’ supply of inventory dropped from 2.49 months in 2019 to 1.69 months in 2020.

These numbers show us that it’s still a seller’s market in most price points, which is unbelievable when you factor in the coronavirus pandemic and the resulting stay-at-home orders. We have an order that will last until April 30.

"We can still transact during the stay-at-home orders."

Yet real estate is considered an essential service, so many Realtors and brokers are still selling properties. I’ve been checking the MLS every day to see how many homes have gone under contract, the number fluctuates between 950 homes and 1,250 homes going under contract every three days. That puts us on track to close nearly 10,000 homes in April.

Let’s say that 85% of those homes that go under contract and actually closed escrow. That’s still 8,500 homes sold in a month, which is a really good market.

Why is that happening here?

First, the governor didn’t shut down real estate activity here; we can still transact during the stay-at-home orders.

Second, interest rates are super low. Buyers realize that they can own a home for the same monthly payment as if they were renting. If you could own a home for the same price, why would you rent? The only issue for buyers is that, at the moment, there aren’t a lot of options. Although, ours is a very fast-moving market, and we expect more inventory in May and June.

If you’re thinking of buying and selling a home, you still can. Feel free to reach out to me for more details or with any questions you have 602-738-9943. In the meantime, stay safe and healthy!