COVID-19 has dramatically impacted the real estate market mainly by causing substantially fewer sellers to list their homes for sale. In fact, the number of homes that were listed in April 2020 is down by over 50% compared to April 2019. Below are some graphs that show the initial decrease in various market activities and then their recovery on a weekly basis.
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Last Updated: 6/01/2020 – 1:05PM
HOMES LISTED PER WEEK
As illustrated below, the number of homes listed for sale per week dropped dramatically at the end of March after the stay at home advisory was enacted.
IMPACT OF COVID-19 TO REAL ESTATE SHOWINGS
SNAPSHOT OF HOMES FOR SALE EACH SATURDAY IN MA
The graph below illustrates the number of homes for sale every Saturday since the beginning of the year.
HOMES PENDING PER WEEK
The number of homes placed under agreement (contracts accepted) dropped in the second week of March, when normally at that time pendings are increasing. The decline lasted until the second week of April, but has since gained steam.
HOMES SOLD PER WEEK
The graph below illustrates the number of homes sold per week.
PERCENT OF PENDING HOMES OUT OF TOTAL INVENTORY PER WEEK
The percentage of homes placed under agreement at the beginning of 2020 was higher than any other year, meaning that inventory was so low because buyers were consuming inventory as soon as it became available, which is the sign of a very strong seller’s market.
AVERAGE SELLING PRICE PER MONTH
Prices for homes in 2020 are substantially higher than in previous years. April 2020 average sale price was $481,496, which is 7% higher than in April 2019 when the average sale price was $450,030. Prices increase when demand is high and supply is low.
MONTHLY SINCE COVID-19
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