1. Housing Demand – Growth in online search activity
2. Home Price – Growth in asking prices
3. Housing Supply – Growth of new listings
4. Pace of Sales – Difference in time-on-market

The index then compares the current status “to the last week of January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa.”

The graph below charts the index by showing how the real estate market started out strong in early 2020, and then dropped dramatically at the beginning of March when the pandemic paused the economy. It also shows the strength of the recovery since the beginning of May.

It’s clear to see that the housing market is showing promising signs of recovery from the deep economic cuts we experienced earlier this spring. As noted by Dean Mon, Chairman of the National Association of Home Builders (NAHB):

“As the nation reopens, housing is well-positioned to lead the economy forward.”

The data today indicates the housing market is already on the way up.

Bottom Line
Staying connected to the housing market’s performance over the coming months will be essential, as we continue to evaluate exactly how the housing market is doing in this uncharted time ahead.

Thinking of Buying or Selling?

I hope you are staying safe during this coronavirus outbreak. My team and I are working around the clock to make sure that we are up to speed on how the Stay-At-Home Orders are affecting the Real Estate Market with new showing protocols and new coronavirus disclosures for every listing. Now more than ever, MARKET KNOWLEDGE and OVER 40+ YEARS of EXPERIENCE will help you navigate the new normal and achieve your Real Estate goals. Call for virtual listing appointments, price opinions and COVID approved showings.

Mary Beth Woods
310-571-1358
mwoods@marybethwoods.com
CalDRE #00470539

Call Mary Beth Woods (310) 571-1358

The post New Index Reveals Impact of COVID-19 on Real Estate appeared first on Mary Beth Woods.

This distinction is based upon 44 years of serving her clients with her knowledge, experience and ethical dealings.

Mary Beth is with Coldwell Banker in Brentwood and is available most times to discuss your needs.

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The Brentwood (Los Angeles Westside) Area Report offers insight into residential real estate sales activity and regional trends. It gives a broad look at the real estate market.

The market summary below lets you see sales activity for the prior month and year, along with current and past year-to-date statistics. The graphs cover several different aspects of the real estate market. Note how some of the graphs break out trends by price increments. Read on and let the trends be seen in real numbers. Please contact me if you would like more information.

As you can see in the in the Real Estate Snapshot, the number of sales and average days on market in Brentwood for 2019 slightly surpassed 2018. New listings, however, jumped over 53%. Median and average sales prices remain stable while median and average list prices declined fractionally.

In the Full Market Summary we see an over 53% increase in new listings and 7% more sales, 2019 over 2018. Median listing prices have declined 8% while median selling prices have declined less than 2%. Importantly, median days on the market have declined by almost 44% to an average of 27 days. Average days on market is up 3% and the list/sell price ratio is less than 2%.

In the Sold and New Properties graph we see ever increasing volume of both categories with 2019 showing the widest disparity with 880 sold properties versus 414 sold properties.

In the Median Sales Price and Number of Sales graph from October 2016 to September 2019, but for a price spike in early 2017, we see level and stable trend. Note August of 2019, we see a decline in prices that may show more of a run on lower priced properties. This is something to track over the next few months.

In the Average Sales Price and Average Days on Market graph from October 2016 to September 2019, but for a price and days on market spike in early 2018, we see level but climbing average sales prices while days on the market is lower.

In the Sales Price as a Percentage of Original Price graph from October 2016 to September 2019, but for a vast decline in early 2018, we see level and stable trend, excluding August and September 2019 where prices declined quite a bit.

In the Average Sales Price and Number of Properties for Sale graph from October 2016 to September 2019, but for a few spikes that seem to indicate a slight price trend upward, excluding August and September 2019 where prices declined quite a bit compared to the trend for all of 2019.

In the Properties For Sale and Sold Properties graph from October 2016 to September 2019, we see a huge price jump starting in early 2019 with a decline in August and September 2019. This is a trend worth watching.

These are interesting times and well worth tracking.

The statistics presented in the Area Report are compiled based on figures and data generated by IDC Global and Datafloat and may not be completely accurate. All information should be independently verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Not intended as a solicitation if your property is already listed by another broker. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company.

©2019 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.

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