Number Talk: Lagging Market Indicators

There’s always a lag of about 3 to 6+ weeks between a new listing coming to market, an offer being negotiated and accepted, and the close of sale. This means almost all the data we have as of the first week of April still reflects the market before the shelter-in-place rules went into effect. And in virtually all Bay Area counties, median sale prices were actually quite strong in March.

The spring selling season is usually the most active of the year and, typically, the standard market indicators - new listings coming on market, total listings for sale, listings going into contract, sales closing escrow - all climb steadily from March to June.

As you might expect, all of these standard indicators have seen very significant declines during the shelter in place. At the same time, the number of listings pulled off the market has spiked. That said, even though inventory is down, listings continue to go into contract.

– The Geek