As promised, here is the weekly snapshot of key market data across the Front Range to give you a better sense of what’s happening in our market, without prognostication or conjecture. Just the facts.
The following are critical market indicators for the Week of Monday, March 30th to Sunday, April 5th.
Data compiled from each of the three major MLS providers on the Front Range
2614 – Down 4% from prior week
Properties Under Contract:
1985 – Down 17% from prior week
537 – Down 18% from prior week
2243 – Up 6% from prior week
Properties Sold Year over Year in March comparison:
8764 – March 2019 8755 – March 2020 Nearly Identical!
What is encouraging is that in light of the market disruptions, there was not much change in the number of March closings from 2019 to 2020. For the most part people, under-contract made it to closing during challenging situations. A more telling fact of how the COVID-19 situation is impacting real estate will be in data for April and May. Closings typically follow a 1-2 month lag from the under-contract date.
This is one of the first weeks we saw the number of new listings for sale drop. Not a lot but this is the time of year that they typically increase week over week. As mentioned last week this could likely be based on scheduled showings dropping 50% on a year-over-year basis. Again, this is a sign that people are exercising caution and adhering to the recommendations of social distancing and stay at home orders.
While we expect there to be some slowing in real estate activity in the weeks moving forward, the current data is encouraging that the market has not paused or stopped.
Again, we look forward to updating you again next week on the state of the market, or even sooner if anything changes that require a more timely update.