COVID-19 Impact on Housing Market

Local Market Update – March 2020

As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.

New Listings in the Triangle region increased 0.3 percent to 4,793. Under Contract Sales were down 0.3 percent to 4,100. Inventory levels fell 12.3 percent to 7,245 units.

Prices continued to gain traction. The Median Sales Price increased 6.3 percent to $287,000. Days on Market was down 8.1 percent to 34 days. Sellers were encouraged as Months Supply of Inventory was down 20.0 percent to 2.0 months.

While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. See national and state showing activity trends at https://www.showingtime.com/impact-of-coronavirus/.

 

Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:

Durham County
Orange County
Chatham County

For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.

 

*All data from Triangle Multiple Listing Service, Inc. ©2020