Delayed spring market? Contracts soar 50 percent from end of May!

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.