Many of us have been anxiously awaiting updated housing statistics as we continue to navigate this global corona-virus pandemic. Our local WRA (Wisconsin Realtors Association) has been a wonderful resource during this time and has continued to keep a pulse on the statewide housing market. Many of us in the industry have had varying experiences with how this pandemic has impacted the market. However, the overall consensus has indicated a steep decline in listing inventory. This is confirmed by the March 2020 statistical report recently published by the WRA whereas total listing volume was down by -9.9%.
Here is a helpful video released by the WRA with our statewide housing statistics.
A summary breakdown of these statistics illustrates that unit sales are still higher than last years sales. Many in the industry feel that the March sales were the result of offers that were accepted prior to the Pandemic and Stay at Home orders. We continue to see a rise in home values with an increase of over 12%! The WRA also tracks the number of residential listings that have either canceled, expired or been withdrawn from the market. From January 1 through April 15th the number of cancelled, expired or withdrawn listings has rose by 22.2%. Our WRA President and CEO Michael Theo is quoted stating"The bottom line is that sellers are increasingly deciding to sit tight until the state lifts the order to stay home."
Our third-party vendor, ShowingTime has also put together a helpful graph illustrating the overall change in showing activity. You will notice a steep decline at the end of March, whereas our Stay at Home order was implemented. It's encouraging however to see a slight rise in showing activity toward the middle part of April. The use of technology has been an incredible resource for many home sellers and buyers to remain engaged in the market.
It's often difficult to achieve a clear illustration of the impact of COVID-19 until operations begin to normalize. Projections indicate it will take time for the monthly sales figures to normalize and illustrate true trends. However, David Clark, Marquette University economist and consultant to the WRA was quoted; "There should be good opportunities when the housing market does normalize, with a moderation of the price appreciation and very low mortgage rates."
Let's all continue to remember that the housing market had a VERY strong start to 2020. Wisconsinites are resilient and industry professionals feel that we can bounce back quickly!
Stay Strong Wisconsin!
Sources: WRA.org (https://www.wra.org/hsrmar2020/) Showingtime.com (https://www.showingtime.com/impact-of-coronavirus/ )