Findings Through Week 14, 2020
Listings Back on Market:
Listings back on the market is a measure of strength of sellers’ desire to sell since it tracks sellers that lost a deal with one buyer but have come back on the market for another try. The numbers were consistent with prior years through Week 10 and then doubled in two weeks and are now coming back down to historic levels.
Withdrawn listings are sellers that have either given up altogether on selling or that have temporarily halted showings. The numbers tracked closely with the prior three years through Week 9 but by Week 13 we had three times as many sellers as normal doubted if they wanted to keep going with the sale process.
New listings indicate seller desire to sell and the confidence they have in getting the process started. Listings per week this year have mostly been above levels of the three prior years but occasionally drop lower (like Week 7). Week 14 finds new listings within the range experience in 2017 to 2019 as was true back in Week 4.
Under Contract Listings:
Properties going under contract show us whether buyers are confident to do business in the current market environment. Buyers were going under contract at or above levels of the last three years through Week 10 but are 20% to 30% lower in Week 14.
This has remained consistently above levels seen in 2017, 2018 and 2019. Owners that are selling now are getting more than they would have gotten a year ago.
Days on Market:
This is the time from when a property first comes on the market to when it goes under contract. Days to get a contract increased from 14 to 18 over the last week but is still historically low. Properties are not staying on the market very long.
Showings per Listing:
We’ve seen a pronounced drop in this metric since Week 10 but see the information on showings required to get a contract for a more complete picture.
Showing per Listing by Price Range ... $250k to $1M:
- Showings per listing are down across all price ranges below $1,000,000 but see the information on showings required to get a contract for a more complete picture.
Showing Need for Contract - $250k to $1M
- While showings per listing are down anywhere from 30% to 60%, the number of showings it takes to get under contract are down by a similar percentage.
Showing per Listing by Price Range ... $1M to $2M:
- Showings per listing are down across all price ranges from one to two million but see the information on showings required to get a contract for a more complete picture.
Showing Need for Contract ... $1M to $2M:
- There is not a consistent pattern from week to week. Weeks 11 thru 14 don’t look much different than any other four week period and coronavirus concerns don’t seem to have much impact here.