February Statistical Highlights
February Real Estate Market Commentary
As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with
concerns of economic impact reaching the stock market in the last week of the month. As the stock market
declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock
market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in
showing traffic nationwide. All regions of the country were up double digits from the year before, with the
Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator
for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the
spread of COVID-19 and its potential impacts to the overall economy in the coming months.
- Closed sales decreased by 11.8% from 5,230 to 4,614 for the month of February Y-O-Y.
- Median Sales Price increased by 5.4% from $164,200 to $173,000 for the month of February Y-O-Y.
- An average of 8.5 home showings per listing were conducted in February, which is up by one day Y-O-Y.
- Days on Market increased by 4 days Y-O-Y from 52 to 56.
- 2.9% of Residential and Condo On-Market listings are flagged as “lender mediated”. This includes foreclosures and short
sales. This percentage is down by 1% compared to last year based on the recalculated percentage for February 2019.
Listing and Sales Summary Report: