How social distancing, and the economic outlook, are impacting real estate sales in northeast Florida…and beyond.
The coronavirus is having a big impact on real estate–and every other industry–around the world. What’s happening locally, here in northeast Florida? Let’s take a look at a few current data points that help tell the story.
Suspending Open Houses
realMLS, our local Multiple Listing Service (MLS) here in northeast Florida, is temporarily disabling the Open House feature in our MLS system. This means open houses will not be officially marketed via MLS, nor will they automatically appear on syndicated websites such as Zillow, Realtor.com, this website and the like.
realMLS has taken this step based on CDC guidelines for social distancing, as well as recommendations from the Florida Surgeon General, and Florida Realtors. The goal is to help ensure the health and safety of home buyers, home sellers and agents during this time. While this eliminates one of the marketing tools in every agent’s toolbox, at least for the time being, this is a smart and necessary step. Furthermore, we’ve already highlighted some ways in which home buyers can get a good look at a home, without having to see it in person right away.
As we might expect, many key data points are trending downward, as of today.
ShowingTime, a national provider of real estate showing software and market stats, shows a decrease in showing activity of 37% over the same period last year.
The National Association of Realtors (NAR), meanwhile, has polled its membership to get a quick look at how COVID-19 is impacting buyer and seller interest in markets nationwide. As of March 16, 46% of agents indicated a decrease in buyer interest, and 28% reported a decline of homes on the market. This is on top of the low inventory that has been reported nationwide even before the pandemic.
We’ll continue to provide updates and information here as the situation progresses. In the meantime, if you do need to buy or sell, contact us to discuss ways we can make the transaction as safe and productive as possible.