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Market-by-Market Look at the Pandemic's Effect on Real Estate.

 

Report Summary & Key Takeaways National Trends

This report uses MLS and Compass data to analyze the impact of COVID-19 on listings under contract across key markets. Under contract listings, when both buyer and seller have agreed on an offer, are among the most useful indicators of buyer demand in the housing market. The pandemic prompted a dramatic decline in listings going under contract across every major Compass region. This was followed by an equally dramatic increase in these agreements after the region hit bottom:
 
  • In every major Compass region, the market reached bottom sometime between March 31 and April 13.
  • The most dramatic decline was seen in Greater Seattle, New York Metro Area and Washington, D.C. Metro Area where under contract listings declined 49% from pre-COVID levels.
  • The most impressive rebound was seen in Washington, D.C. Metro Area, where under contract listings are have climbed 149% since reaching the bottom.

National Trends

On April 12, the average number of listings under contract dropped to the bottom—a 40% drop from the average before shelter-inplace was widely enacted in March. On April 20, the average number of under contract listings was back to pre-shelter-inplace levels.
 
By the end of April, the average number of under contract listings was 24% higher than the average before shelter-in-place. This is a 64% increase from the bottom on April 12.
 
Number of Under Contract Listings March 1 - May 4 (Rolling 7-day Average)
 
 
National Average of Under Contract Listings March 1 - May 4 (Indexed)
 
 
Trends by Major Compass Regions
 
New York Metro Area
 
Listings under contract reached the bottom on April 12, down 49% from pre-COVID levels. As of May 5, the number of listings under contract were still 29% below pre-COVID levels. As of May 5, the number of listings under contract have increased 30% since reaching the bottom.

 
 
 

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