TARR Reports

timely, credible, market specific

March 23 2020; Influence of COVID-19 on residen�al real estate market COVID-19 is an unprecedented event in our life�me. My goal with this weekly report is to present residen�al

metrics that in my opinion are most influenced by consumer reac�on to the virus. The following will be pre-

sented and analyzed on a weekly basis for as long as the CDC indicates the pandemic is ongoing; showings,

houses listed, pending lis�ngs and withdrawn lis�ngs. Movement in these metrics cannot be en�rely a(ribut-

ed to consumer reac�on to the virus, but they can be current indicators of residen�al ac�vity.

The graphs on page two illustrate the following; top graph illustrates number of weekly showings. Bo(om

graph illustrates number of weekly houses listed.

The graphs on page three illustrate the following; top graph illustrates number of lis�ngs with a status

change to pending. Bo(om graph illustrates number of lis�ngs with a status change to withdrawn.

The graphs on page four illustrate the following; top graph illustrates number of COVID cases by state.

Bo(om graph illustrates number of COVID cases by county within North Carolina.

Showings

During the first week of March, showings were up 18% compared to the same week 1 year ago. This was a

con�nuance of increased showing trends observed during the first two months of 2020. Second week show-

ings were down 2% compared to 2019 and third week showings were down 33%

Houses listed

During the first week of March, houses listed were up 12% compared to the same week 1 year ago. This was

a con�nuance of increased lis�ng trends observed during the first two months of 2020. Second week houses

listed were down 17% compared to 2019 and third week houses listed were down 0%.

Pending lis�ngs

During the first week of March, pending lis�ngs were up 25% compared to the same week 1 year ago. This

was a con�nuance of increased pending lis�ng trends observed during the first two months of 2020. Second

week pending lis�ngs were up 18% compared to 2019 and third week pending lis�ngs were down 19%.

Withdrawn lis�ngs

I have historically given this metric minimal emphasis due to variances in reasons for withdrawing from the

market. In my opinion, this is where COVID is having the greatest influence on seller behavior. Week one in

March had an increase of 288%, week two had an increase of 293% and week three had an increase of 656%.

Summary

For most of us, COVID-19 became real when the ACC men’s basketball tournament was cancelled in the sec-

ond week in March. Not that there is a correla�on between the two, but most metrics prior to the tourna-

ment were in posi�ve territory. Week three had double digit percentage changes in three of the metrics ana-

lyzed. This is new territory for all of us. My hope is that when the above metrics turn posi�ve, market par�ci-

pants will have digested the social and economic consequences of the virus.

T.A.R.R. Report(Triangle Area Residential Realty) Page 2

March 23 2020 ©2020 Stacey P. Anfindsen TARR Reports-timely, credible, market specific

T.A.R.R. Report(Triangle Area Residential Realty) Page 3

March 23 2020 ©2020 Stacey P. Anfindsen TARR Reports-timely, credible, market specific

T.A.R.R. Report(Triangle Area Residential Realty) Page 4

March 23 2020 ©2020 Stacey P. Anfindsen TARR Reports-timely, credible, market specific

T.A.R.R. Report Triangle Area Residential Realty

Editor Stacey P. Anfindsen

Phone # 919-460-7993

E-Mail staceyanfindsen@gmail.com

Web-site

www.tarreport.com

Blog

smapublications.wordpress.com

Publisher S.M.A. Publications, Inc. 720 Old Kestrel Drive Apex, NC 27523

S.M.A. Publications, Inc. does not and cannot warrant and/or guarantee the accuracy or completeness of the information contained herein or in any of its publications. Accordingly, S.M.A. Publications, Inc. hereby disclaims any express or implied warranties, including those of merchantability and/or fitness for a particular purpose, and hereby notifies all readers and users that any reliance upon the data, information, analysis or opinions contained in any of our publications shall be at the reader’s own risk. Any reference to TMLS data is based on information from Triangle MLS, which neither guarantees nor is in any way responsible for its accuracy. All data is provided ‘AS IS’ and with all faults. Data maintained by Triangle MLS may not reflect all real estate activity in the market. Realtor is a registered trademark of the National Association of Realtors. The information contained in this publication is the copyrighted property of S.M.A. Publications, Inc. and may not be reproduced without the permission of the editor.