While it's too early to determine how the COVID-19 pandemic has impacted home sales in the DC area, social distancing measures have kept prospective homebuyers out of the listing they have their eyes on.
ShowingTime has released data on how showings of residential listings have dropped in the wake of the pandemic. Nationwide, a drop in showings between March 12th and March 16th illustrate how prospective buyers have adjusted. For the DC-area, that drop came a bit earlier.
Property showings in DC for the week ending March 24th fell by 42% from the 2020 weekly average, and by 51% compared to the same time last year. Showings fell 53% from their 2020 high, a mark of how hot the city market started off this year.
Based on the week leading up to March 24th, showings in Maryland dropped 13% from this year's weekly average, and by 42% year-over-year. This level of showings is 37% less than the high observed in 2020, which also peaked two weeks ago: in the week leading up to March 11th, traffic had risen 37% since the year started.
Showings in Virginia have taken the hardest hit in the region, with 2.8% fewer showings over the week ending March 24th than at the beginning of the year. This represents a 44% drop year-over-year and a 35% drop from the 2020 peak during the week up to March 11th, when showings were 50% above the weekly average.
UrbanTurf's Coverage of COVID-19
- How Well is DC Doing at Social Distancing?
- Lyft To Donate Free Essential Rides
- Bank of America Allowing Borrowers to Defer Mortgage Payments
- A Look at 5 Housing Non-Profits in DC
- Van Ness Co-op Building Implements Strict COVID-19 Measures
- HUD, FHFA Suspend All Evictions, Foreclosures Through April
- Two Grocers and Mega Retailer Change Hours for Seniors
- DC Council Passes Sweeping COVID-19 Emergency Bill
This article originally published at https://dc.urbanturf.com/articles/blog/showings-of-listings-in-dc-down-50-year-over-year/16641.
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