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This week in Twin Cities real estate, April 21, 2020.
An appropriate level of slow down. The sky is not falling.
In “normal” times we measure the market month to month, closed sales are the primary measurable, data lags a bit, they have to be in the rearview mirror before they are counted. During “these” times we’re trying to stay on top of it and analyze week to week. The number of new listings and the count of showings are the most leading indicators of future sales. Showings on our properties are up about 20% from the first week of the stay at home order in MN. Minnesotans just not feeling like staying in as much? Who knows (no viewpoints on right or wrong here, just reporting), being up 20% from a couple of weeks ago is still down 40% from the same period last year. New listings are down approximately 30% versus the same week last year. In other parts of the country, these numbers are dramatically different, MN real estate operating at a 70% level is quite high relative to the nation. There’s no measurable effect on values yet, anecdotally it seems the most affordably priced homes might actually be selling for more, given continued strong demand but less supply. Also anecdotally, based on both the number of virtual consults we are doing and an informal survey throughout the brokerage, it seems there will be a spike in third and fourth-quarter sales. This represents the buyers and sellers who are sound, capable, but simply waiting. It’s obvious there are some sales that simply won’t happen, for the individuals and families most affected by the economics of today, we remain cautiously optimistic for a speedy recovery for our friends and neighbors in that category.
In the bigger picture outside of real estate, we continue to be encouraged by so many great stories of people finding ways to help each other! Please be one of them, in any small way that you can, and if you’re comfortable to do so, please share it with us! In addition to all of those out there helping, there are many more who want to help and are unsure how, send us your inspirations please!