Showing Activity in the Twin Cities is Up Over Last Year
In the Twin Cities all Realtors schedule and track showings using the same platform, ShowingTime. Through this vendor we can obtain meaningful insight into how the pandemic is affecting showing activity.
In mid-March, as COVID-19 started picking up steam, showing activity started to slow. At that time, the number of daily showings in our market was up 54.4% over the last year in the same week. For about three weeks, showing activity slowed until April 2nd, when daily showings were down 11.7% from the same week in 2019.
Since April 3rd, 2020, activity has trended back upward! As of April 23rd, the number of showings taking place daily is 26.9% higher than the same week in 2019.
Our industry, has embraced social distancing and other CDC recommended practices while on showings. We don't have data specific to how many of these showings were "virtual," where the agent does a live video stream to the buyer from the home, but we do know that trend has gained a lot of traction locally.
Showing activity is generally a great indication of future sales, so we anticipate home sales (and values) will continue to grow.
For those experiencing financial hardship during this emergency, we've compiled a few resources for you:
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:
Changes to Pending status:
Back on Market:
If you'd like help applying this information to your current housing situation, please contact one of our agents today.
Stay safe out there!