Per the St. Louis Realtors and Mid America Regional Informational Services, we know the following:
While the stock market recovered signiﬁcantly in March, the effects of COVID-19 to the economy continue to build. In just the last four weeks, more than 20 million people ﬁled initial unemployment claims according to the United States Department of Labor, fueled by stay at home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real estate activity in April slowed signiﬁcantly.
New listings decreased 26.9 percent for residential homes and 32.2 percent for townhouse/condo homes. Pending sales decreased 25.2 percent for residential homes and 33.6 percent for townhouse/condo homes. Inventory decreased 17.4 percent for residential homes and 25.7 percent for townhouse/condo homes.
Median sales price increased 16.7 percent to $227,500 for residential homes but decreased 8.1 percent to $156,300 for townhouse/condo homes. Days on market decreased 8.7 percent for residential homes but increased 6.0 percent for townhouse/condo homes. Months supply of inventory decreased 15.4 percent for residential homes and 13.3 percent for townhouse/condo homes.
While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e signing to help buyers and sellers with housing needs in the face of these challenges.
I hope this helps keep you grounded in knowing our real estate market is still alive, functioning well even though a little down in numbers! We live in a great region.