This is our week 3 update on the impact the Covid-19 Coronavirus pandemic is having on the local Twin Cities Real Estate Market. Check here for our Week 1 and Week 2 impact reports to watch how things have changed.
The Twin Cities real estate market is still active, but but we are now reporting all 3 key indicators are lower when compared to the same week in 2019. These stats are provided by the Minneapolis Association of Realtors for the week ending March 28, 2020. New Listing inventory: down 5.8% over the same period in 2019. This is the first time we have seen new listing numbers trend lower compared to 2019 and is a strong indication that sellers are holding off from listing their homes right now. At this point, we don't know how many sellers are temporarily waiting to list their homes until they feel things have improved.
Pending sales: down 5.4% over the same period in 2019. This is also the first time in 2019 that pending sales have been lower than the same period in 2019. It's interesting that the percentage of pending sales and the percentage of new listings are both down about 5% over 2019. This is an early indication that the market changes are affecting buyers and sellers somewhat equally right now.
Inventory of available homes: for this reporting period, inventory is down 7.0% over...
This is our week 2 update on the impact the Coronavirus pandemic is having on the local Twin Cities Real Estate Market. Check here for our Week 1 impact report.
The Twin Cities real estate market continues to show signs of life, albeit at a slower pace than would normally be expected in late March. These stats are provided by the Minneapolis Association of Realtors for the week ending March 21, 2020, which represents the second week of social distancing practices. New Listing inventory: up 16% over the same period in 2019. This is still a strong indication of market activity, but the numbers are trending downward over 2019 and could be an indication that sellers are holding back from listing their homes.
Pending sales: up 11% over the same period in 2019. While this represents a positive change in sales activity over 2019, it also indicates a slowing over the previous week and we will watch to see if the slowing trend continues.
Inventory of available homes: for this reporting period, inventory is down 7.1% over the same period in 2019. Last week inventory numbers were down 8.7% over 2019 and we reported this would be a closely watched figure as we move deeper into the spring market. While not a drastic change, the year-over-year figures indicate a slight rise in available inventory.
The last statistic we would like to share is current showing traffic. We are watching the showing data daily, but felt it would be better to share the weekly stats for this report. ...