Buyers, sellers, and agents are closing out sales, but the total number of pendings (above) is plunging because new escrows are running about 50% of normal.
Last week we had 31 new pendings, and I thought we’d be lucky to have half that many this week. But we had the same 31 new pendings this week too, and now that realtors were declared essential workers, we can go back to work if we have serious clients to help.
Last week we had 59 new listings, and this week we had 63 when we should have been hitting 100 or more – so new listings are down about 40%.
Remember seeing the furniture in the garage at our new listing? It was from our stager, who has had 15 cancellations this month. The staging truck came straight from unloading a bigger house, and because their warehouse is so full, they had to leave the extra furniture there while she is scrambling to get additional storage space.
Sellers are as leery about the market as the buyers are, which could lead to the Big Stallout – though sales could be hampered by having to cope with our toilet-paper tragedy:
The total number of pendings should drop off quickly as agents scramble to close their existing escrows and hunker down. Last week we had 55 new pendings, and this week it was 31 – which doesn’t sound too bad. But we’ll be lucky to see half that many by next Monday.
The number of new listings dropped off too. In what would have been the early stages of the selling season, we only had 59 new listings – when last week we had 83.
Hopefully people will keep watching the market via the search portals and blogs. It’s ok to think that nothing much will be happening – which is probably true. But keep an eye out, just in case!
The Big Game is over, and now it’s time for home sales!
Today’s inventory counts look more like they did in 2018, than in 2019. Pricing between $1,000,000 and $1,500,000 popped 15% YoY though, much like the higher range did last year – coincidence? Perhaps the Under-$1M is due for a hefty increase this year – especially with only 30 homes for sale!
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