Panama City, FL – The Real Estate market is a vital piece of the American
Economy, and as this pandemic has slowed most of the country to a halt, many
people worry about the future, especially those who have considered buying or
selling Real Estate. According to statistics pulled from the Multiple Listing Service
of the Central Panhandle Association of Realtors®, listings going under contract
dipped as low as 62% below 2019 numbers for the week of April 6th-April 12th. A
survey of CPAR members during that week in 2020 was in line with these
numbers.
However, we have already seen a strong rebound, with the week of April
20th-April 26th showing only a 10% decline over the same period last year, after
the week before was only down 35%. Similarly, new listings added to the market
were down 34% year over year for the period of March 30th-April 5th but have
already rebounded to only 22% down last week. Overall inventory is strong, up
22% over last year. Also, we have not seen any significant movement in listing
prices, which aligns with a recent survey by the National Association of Realtors®
that found 76% of sellers are not panicking and reducing their prices, preferring to
wait out this temporary setback in the market.
"Realtors are hard at work, assisting Buyers and Sellers with the use of
virtual showings and electronic contract services. The market is steadily moving
forward with indications that both residential and commercial sales are poised to
regain the momentum, and capture the demand, that has been suppressed by the ‘Stay at Home’ limitations. " said Brian Hinton, 2020 CPAR President. "We expect, and will be ready for, a very busy and successful remainder of the year. "
“Expect second-quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick up when the economy reopens as many potential home buyers and sellers indicate they’re still in the market or will be in a couple of months,” said National Association of Realtors® Chief Economist Lawrence Yun. “Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10% of Realtors® report the same level or even more business activity now than before the economic lockdown.”
The quick rebound in statistics, combined with stable listing prices is an indicator of delayed demand. Both the Central Panhandle Association of Realtors® and the National Association of Realtors® expect the market to rebound strongly, with sales following the lifting of Stay-At-Home orders to offset the temporary slow-down in sales.