In our update last week (Navigating Changes in Today’s Market) we discussed Hall and Hall’s philosophy and guiding principles in times of market stress. As promised, here is data reflective of immediate market trends.
The following trends emerged during the week of March 23rd – March 29th:
- Hall and Hall’s website visitors increased by 2% from the prior week, demonstrating continued interest in our property inventory.
- Showings fell by approximately 50% from the previous week. While some showings were cancelled due to travel restrictions and health concerns, we continued to show property to parties within driving distance.
- One observation from recent showings is that those buyers appear to be serious buyers. Future tracking will determine if the conversion rate from showings to offers increases above historical norms.
- All of our pending transactions scheduled to close last week, closed and no pending transactions have terminated.
- We had just one new offer presented last week, which is substantially below weekly norms.
- We had zero formal price reductions last week.
“Shelter In Place” orders in various states have not prohibited property showings or other real estate activities. Nevertheless, we are taking all precautions in connection with the showing of property.
We have a significant inventory of new listings in the pipeline. We anticipate that the announcement of some of those listings will be delayed, which will result in a bulge in inventory hitting the market at some point in the future. In the meantime, our inventory of “pocket listings” that are not being marketed publicly will continue to grow.
Please do not hesitate to reach out to any of our partners in our 18 offices across the country for more regional specific information. We will continue to track weekly data points that indicate trends over the coming weeks.
Our sincere best wishes to all.