(May 8, 2020) Despite the new reality and sobering impact of the virus, real estate transactions are still happening.
However, with the uncertainty of when we will be able to return to our day-to-day lives, many buyers and sellers are on the fence.
It’s important to respect each individual decision based on the risk of exposure, but a close look at the statistics of our local real estate market shows waiting might not be the best decision.
Nationally, Zillow.com reported that pending home sales went up 6.2 percent in the week ending April 19.
And, after falling for five weeks, the Mortgage Bankers Association reported that mortgage applications rose 12 percent for the week ending April 24, compared with the previous week.
Locally, our Bright MLS figures show that over the past seven days in Worcester County specifically, there were 33 new active listings and 21 back to active listings (contracts that didn’t work out, so the listing goes back to active status).
There were 37 pending listings and 10 active under contract listings (listings that have ratified contracts but that have one or more contingencies that allows them to be put in the active under contract vs. pending status).
These figures suggest that locally, we are close to a 1:1 ratio for every listing that hits the market another one goes under contract (54 new or back to active listings vs. 47 pending or active under contract listings).
There were also 46 properties that sold over the past seven days, with an average sale price of $302,239 and 96 days on market.
This is in addition to the near record low interest rates over the past two months. Even though the rates have fluctuated, sometimes seemingly unexplainably, those who are in the market and serious about getting a mortgage have been able to lock in at some unbelievable 15- and 30-year fixed rates.
– Lauren Bunting is a licensed Associate Broker with Atlantic Shores Sotheby’s International Realty in Ocean City.