- Safety 1st – take extreme precaution to stop the spread of COVID-19.
- Business was better than could have been expected under a Stay Order:o Pending (new sales) were 480 for the month of April 2020 compared to 997 in April 2019 or 48% (480/997) of the prior year.
- Pendings were 128 for the week ended 5/6/20 compared to 219 for the week ended 5/8/19 or 58% (128/219) of the prior year.
- We expect the % of sales this year vs last year to grow slowly week by week eventually growing to a higher level this year vs. last year.
Business is deferred not lost. Life drives real estate. We expect to have sales be off by about 1,000 homes in the three months after the Stay Order (April, May, and June) and to gain most of those 1,000 sales back in the 2nd half of 2020 as sellers put their houses on the market for sale.
Buyers can expect competition.
- Months supply of inventory is 1.6 . The 1.6 benefits sellers but is not the red hot market (1.0 or less) we experienced in February and March. 1.6 is low enough to lead to common multiple offers. The figure is also very relevant because it is based on activity that happened after the Stay Order went into place.
- Less relevant is the April Sold data because the activity generally happened before the Stay Order went into place. It is shared below because it indicates how strong the buyer demand is expected to be in relation to supply. It foreshadows what we expect buyers will experience in the near future.
- 51% of sold properties sold for more than list price.
- Buyers paid 4% more than the list price on these sales (4% is the median).
- 81% of homes that sold with less than 15 DOM.