Housing trend: Number of new listings show improvements
Naturally, the coronavirus and efforts to slow its spread have affected the housing market.
Early on, surveys showed home sellers were more pessimistic about conditions than buyers were. As a result, the number of homes for sale took a hit, as homeowners who had planned to sell this spring delayed their plans and took a wait-and-see attitude.
But despite this uptick, time on market continues to increase and there’s a long road ahead to getting back to last year’s pace of new sellers.
Danielle Hale
But new data from the National Association of Realtors’ consumer website shows that the number of new listings is starting to improve.
While still far below last year’s levels, the volume of newly listed properties has gone from being down 43 percent at the end of April to being 29 percent below year-before levels as of last week. At this point, more than two thirds of large metropolitan areas have improved.
That improvement offers hope that more gains could be on the horizon.
Danielle Hale, chief economist for the site, says it’s a positive sign, though there’s still a long way to go. “While new listings are still declining on a yearly basis, last week’s jump shows some sellers are ready for a summer home sale – a positive sign for the market,” and “But despite this uptick, time on market continues to increase and there’s a long road ahead to getting back to last year’s pace of new sellers.” Hale said.
Key findings for the week ending May 9, 2020
| Week Ending May 9 (YOY) | Week Ending May 2 (YOY) | Week Ending April 25 (YOY) | First Two Weeks March (YOY) | |
|---|---|---|---|---|
| New Listings | -29% | -39% | -43% | + 5% |
| Total Listings | -19% | -19%Y | -17% | -16% |
| Time On Market | 13 days slower | 11 days slower | 9 days slower | -4 days faster |
| Median Listing Prices | 1.4% | 1.6% | 1.6% | +4% |
Key findings for greater Las Vegas, NV and greater Los Angeles, CA
| Median Listing Price (YOY) | Median Days On Market (YOY) | Active Listing Count (YOY) | New Listing count (YOY) | Price Reduced Count (YOY) | |
|---|---|---|---|---|---|
| Greater Las Vegas, NV | 2.8% | 23.8% | -8.8% | -52.9 | -46.1% |
| Greater Los Angeles, CA | 13.1% | 54.8% | -18.0% | -38.2% | -1.5% |
For us Las Vegas locals, it’s interesting to see that Median Listing price is still rising despite number of new listing counts are down by whopping 53%. This means that while you may have to wait bit longer to sell compared to last year, you are still likely to get top dollar for your property due to less supply than demand.
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