MAY MARKET REPORT
(data below taken from Houston Association of Realtors)
The continued stay/work-at-home directives resulting from the coronavirus understandably brought fewer sellers into the marketplace. REALTORS® entered 2,878 new listings into the Multiple Listing Service (MLS). This is down roughly 17% over this same period in 2019.
The number of temporarily withdrawn listings from the MLS by sellers concerned about COVID grew by 39% this week, as compared to the same week-ending period in 2019.
Closed home sales saw nearly a 5% drop over this same week in 2019. A total of 1,923 closings took place in our market area for the week ending 5/4/20, compared to 2,023 closings this same week a year earlier.
Even property showings fell. As consumers continue to practice social distancing measures, the market realized 10% fewer in-person property visits as compared to this same period a year ago. (Although, many agents are offering their clients virtual showings, as am I. Therefore, we expect this number to rebound in the weeks to come.)
WHAT'S THE UPSIDE?
This record low inventory works to a seller’s advantage. With so few homes on the market, buyers are finding their choices quite limited. Many simply aren’t finding exactly what they are looking for at all. If you considered listing your home this spring/summer, but later backed off the idea because of the pandemic, you might reconsider. As we have discussed in previous weekly emails, buyers in the market today are serious. Gone are the window-shoppers and “looky Lou’s.” The buyers that are still out there--for whatever reason--really want, or need, to buy. You may have exactly the type of property for which a buyer is currently searching, and not finding. There are ways to keep both buyers and sellers safe during this new season we are experiencing, and of course, the safety of my clients is continually uppermost in my mind. At the same time, while your neighbor waits on the sidelines for the smoke to clear, you might choose to seize the moment and enter the market. If you do, I believe you will find the landscape there conducive to selling. And, I'd love to help you navigate that process.