Impact of COVID-19 on Real Estate Showings

As demonstrated for Arizona below, ShowingTime reports that “showing activity has fallen off from the same period in 2019 as the impact of COVID-19 continues to grow.”

Impact of COVID-19 on Real Estate in Arizona

If we isolate Scottsdale, Carefree, Cave Creek, Desert Hills and Fountain Hills in ARMLS, we also see declines in single family-detached home showings both week-to-week and year-to-year for the week ending March 20, 2020. (Note: Showings are voluntarily reported.)

Price
Showings
W2W Chg
Y2Y Chg
$200K-$299.9K
12
20%
-79%
$300K-$399.9K
163
-22%
-64%
$400K-$499.9K
318
-24%
-48%
$500K-$599.9K
237
-56%
-51%
$600K-$699.9K
243
-39%
-39%
$700K-$799.9K
194
-37%
-42%
$800K-$899.9K
177
-51%
-28%
$900K-999.9K
73
-64%
-32%

According to the National Association of REALTORS® Open House Guidance During COVID-19, “the decision to hold an open house is up to the agent and seller, members should consult with their brokers, and consider how federal, state and local authorities recommendations and actions…impact the advisability, and even permissibility, of continuing to hold open houses at this time.”

Fewer showings may be safer during the outbreak, but what about the long-term effect? NAR Senior Economist Nadia Evangelou reports that historically “the total number of home sales during the period March-June is nearly 40%.”

A reduced number of showings in the coming months could negatively impact housing gains. But as of right now, Year-to-Date Cancelled Listings are down 89% according to The Cromford Report (using the same criteria as the chart above). Remember, cancellations are low when the market is hot.

Scottsdale REALTORS® will continue to monitor data for its members using all resources at its disposal. So, feel free to access our Market Data Reports and ARMLS Stats.