Is There a Delayed Spring Market? Real Estate Contracts Soar 50% from End of May

Oct 19, 2020 | Blog

Click through the slides above, or check out the explanation below:

Showings are up from last year 17.9%! This indicates more buyers are looking at properties right now compared to last year.

Concerns over COVID-19 which sank the market in March and April appear to be easing, as consumers began putting contracts on residential properties in earnest according to a review of data in MRED’s markets statewide.

  • Homes under contract, which can be seen as a forward-looking indicator of what the market may do, indicated there were 3,230 homes under contract on May 25, versus 4,846 the week ending June 15.

  • The number of listed properties on the market also increased, with a 7.3 percent jump when compared to the week of June 8. (Excludes properties which have listing agreements, but are not to be shown.)

  • Overall, closings this past week dipped 87.3 percent from 2019 numbers. The relatively low number of contracts currently correlates to a low number of contracts noted in April.

The data paint a picture of a market that may be restarting after pausing during the initial stages of the pandemic. While not every contract will ultimately yield in a closing, the surge in contracts points to increased activity in the next few weeks.

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