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Date Archives: March 19th, 2020

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March
19

COVID-19 Image

Coronavirus (COVID-19) effects on Twin Cities Real Estate Market

As everyone struggles to determine the impact of the dramatic governmental actions taken to slow the spread of the coronavirus, our professionals have been working hard to serve home buyers and home sellers in the safest way possible. We've offered resources to our buyers and sellers alike, to help them navigate this uncharted territory.

While it may be too early to tell the longer-term impacts this will have on the Minneapolis and Saint Paul area real estate market, there are some telling statistics as it relates to the market and its health today.

According to information gathered from NorthstarMLS this morning (3/19/2020), homes are still being listed, shown, and sold at a solid rate. In fact, as of 3/17/2020, the number of showings taking place nationally are still 13% ahead of last year on the same date according to ShowingTime. It does appear that showing activity is trending downward, however.

Another metric we've honed in on is "back on the market" listings, which represents listings that were off market (pending, temporarily not available) and then placed back in Active status.

Here are the raw statistics gathered this morning:

New Listings:

  • In the last 7 days: 2,624
  • In the last 3 days: 1,169
  • In the last 24 hours: 437

Changes to Pending status:

  • In the last 7 days: 1,708
  • In the last 3 days: 964
  • In the last 24 hours: 273

Closed sales:

  • In the last 7 days: 1,174
  • In the last 3 days: 593
  • In the last 24 hours: 145

Back on Market:

  • In the last 7 days: 241
  • In the last 3 days: 136
  • In the last 24 hours: 52

If you'd like help applying this information to your current housing situation, please contact one of our agents today.

Stay safe out there!