Note: This post is the fifth in a series of weekly updates examining the impact of the coronavirus pandemic on the Reno-Sparks housing market.
Are we past the worst of it?
New listings came in higher than the week prior. The 138 new listings that hit the market the week of May 3rd – May 9th are up a healthy 28.3 percent over the 106 new listings that came to market the previous week; however still remain down 38.4 percent from the corresponding week last year.
At least we see the number of new listings is trending in a positive direction. Hopefully, the week of April 26th – May 2nd was the worst of the coronavirus pandemic’s impact.
[Note: The number of new listings for the week of April 19 – April 25 has been adjusted to remove a large number of listings added that week due to a one-time transfer of listings from one brokerage to another. See How is the coronavirus pandemic impacting the Reno-Sparks housing market? [Update for the week of April 19th – 25th] for more details.]
Back on Market
The number of properties falling out of escrow and returning to market continues to be high, however there was a slight decrease in the number of “back on market” properties from the week prior.
22 properties came back on market during the week of May 3rd – May 9th. This number is down 12 percent from the previous week, and is down 45 percent from the peak numbers seen during the 2nd-half of March.
Hopefully we’re past the worst weeks of properties falling out of escrow and returning to market.
New Pending Sales
Perhaps the most positive indication of the lessening of the coronavirus pandemic’s impacts on our local housing market is the number of new pending sales observed.
The week of May 3rd – May 9th saw 126 homes put into contract as pending sales. And, although this number is down from the number of new pendings the week prior, it is off by only 6 percent from the corresponding, year-over-year, weekly total of 2019 — a nice improvement from what was observed in late March and early April.
Since bottoming during the week of March 22nd – 28th, new pending sales have continued to climb. This trend will positively impact forthcoming closed home sales. Pending sales typically take 30 – 45 days to result in a closed sale, so look for future home sales to rise accordingly.
Last week the number of homes taken off the market dropped to half the number from the prior week.
For the week of May 3rd – May 9th, 12 listings were removed from the MLS — again, a 50 percent drop from the 24 listings removed the week of April 26th – May 2nd. Additionally 12 withdrawn listings are in line with pre-coronavirus weekly totals.
Hopefully, the market is now past the worst of the number of listings being taken off the market.
[Note: The number of withdrawn listings for the week of April 19 – April 25 has been adjusted to remove a large number of listings withdrawn that week due to a one-time transfer of listings from one brokerage to another. See How is the coronavirus pandemic impacting the Reno-Sparks housing market? [Update for the week of April 19th – 25th] for more details.]
The number of home sales continue to exhibit the effects of the unprecedented low number of pending sales in late March and early April. Only 68 homes sold during the week of May 3rd – May 9th. Though this number was 20 percent lower than the 85 homes sold the previous week, year-over-year the number of home sales lessened the gap between the weekly total for the corresponding week of 2019 – coming in at 46 percent below.
As always, thank you for reading the blog. I will continue to track the data and update you on a weekly basis.
In the meantime, please take care of yourself and each other.