Delayed spring market? Contracts soar 50 percent from end of May!
June 16, 2020
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 showed 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 posted gains, 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.