Market Update For Week Ending April 18, 2020
The Department of Labor’s initial jobless claims report released April 16th showed 5,245,000 new weekly claims, which is a decrease of nearly 1.4 million from last week. New initial claims are expected to continue to decline but still remain at high levels in the next few weeks. This week the Commerce Department reported new construction building permits were at a seasonally adjusted annual pace of 1.35 million in March, which is 5% higher than last year. However, that is expected to decline in April as the impact of COVID-19 is more fully realized.
SINGLE FAMILY
For the week ending April 18:
- New Listings decreased 10.9% to 310
- Pending Sales increased 8.2% to 291
- Inventory decreased 18.0% to 2,641
For the month of March:
- Median Sales Price increased 12.0% to $215,000
- Days on Market decreased 26.5% to 50
- Pct of List Price Rec’d increased 0.3% to 98.3%
- Months Supply decreased 24.1% to 2.2
TOWNHOUSE/CONDO
For the week ending April 18:
- New Listings decreased 23.8% to 16
- Pending Sales decreased 27.3% to 16
- Inventory decreased 29.8% to 99
For the month of March:
- Median Sales Price decreased 4.9% to $150,000
- Days on Market decreased 21.4% to 33
- Pct of List Price Rec’d increased 2.8% to 99.7%
- Months Supply decreased 41.9% to 1.8
