In recent days, 2020 Raleigh homes for sale showing activity has fallen off from the same period in 2019 as the impact of COVID-19 continues to grow.
Through mid-March, year-over-year showing activity for Raleigh homes for sale has been higher compared to 2019. The current dip could mean a slowdown in Raleigh home sales, or a more balanced market, with the lower number of buyers resulting in more opportunity for those in the market to buy homes, especially with lower mortgage rates now available.
The current downturn is indicative of the industry’s response to COVID-19, which is changing daily. Although this chart paints a scary picture, it is really more indicative of the drop in number of homes being listed. I reviewed traffic data and the number of showings per listing has actually remained the same, or has decreased only slightly compared to the same time last year. The slight decrease can be attributed to the fact that a portion of the homes being listed for sale are not allowing showings. This means buyers are still out there touring properties at the same rate as the same time last year. Of course, every market is different, and these traffic numbers are not the same across the board. I’m seeing differences at different price points. Showing numbers are about the same, or slightly lower than they were this same time last year for Raleigh area homes listed for sale at $499,999 or less. For homes upwards of $500,000, I am seeing significant reductions in showings. This makes sense as those buyers in the luxury market may want to wait until the full impact of COVID-19 on the economy is realized before making a move. But, buyers who have been searching for a home for a while and facing stiff competition from other buyers at the lower price points are still out shopping and taking advantage of the historically low interest rates as well as the slight decrease in buyer competition while they still can. If you’re thinking about buying or selling, have questions about what the best move for your personal situation is, contact me, Raleigh area Realtor Odalis Sanchez today at (919)349-9571 to discuss the best course of action for you.