Coronavirus Maryland real estate market trends are being put together by our MLS, Bright MLS. Here is the update for March 30, 2020.
A reminder from last week’s post, Bright MLS covers a large swath of states, so they have statistics for a number of areas, but then they drill down to specific state data.
Starting on page 32 of the Bright MLS multi-state report 3/30/2020, the data shows the following:
In Maryland, the daily number of “New Active Listings” added to the market in the past week was along the same lines as 2019. As of Monday, 3/30, only eight less houses came on the market as new listings than last year at the same time.
Next in the report is the daily number of “Listings Removed from the Market” (which would include statuses such as withdrawn, temporarily off the market, and canceled.) In Maryland, March 16-19, there was a huge spike in homes being removed from the market compared with the same time last year. The volume of those removing from the market had dropped since then, though still higher than last year at the same time. The number spiked again on Monday the 30th, which is the day Governor Hogan announced the stay-in-place directive order. As of 8pm on 3/30/2020, and until further notice, Maryland residents are not to leave their homes unless for necessary reasons. Though real estate itself is currently considered an essential business, there is question about safety and health and well-being of others for buyers to view homes on the market, and whether seeing houses in person would fall under the essential business portion when it comes to the general public.
New pending listings are down as well. On March 30 last year, there were 347 houses that signed contracts. March 30, 2020, 239 homes went under contract. Again, I will be interested to see how those numbers fare in the week following the stay-at-home directive.
The daily showing activity has definitely dropped off, though there was a spike in activity at the beginning of last week. It is following the same peaks and valleys as last year, but at a lower level. I look forward to seeing next week’s numbers since that will show the time period since the Governor’s stay-in-place directive.
I appreciate this data from Bright MLS and look forward to seeing the next report so I can share with you once received.
Here is last week’s Maryland Coronavirus real estate market trends from 03/24/2020.
If you have questions about getting your Towson house ready to sell during this unprecedented time, please contact me. We can strategize together on your best next step. I would be pleased to be of service!