As I mentioned in my article yesterday about the effect of the coronavirus on the St Louis real estate market, for those homebuyers in a position to buy a home, there will be some good opportunities presented. Apparently, there are buyers out there that perhaps feel the same way or, they at least are not uncomfortable with buying now as, in the past 7 days, 1,670 listings in MARIS, the regional MLS that serves the St Louis area as well as some additional areas outside the metro area, went under contract. When pulling data from our database for this, I confirmed that prior to the listing’s status changing to Active Under Contract or Pending (both are statuses indicating they are now under contract) the prior status in the MLS was Active thereby verifying these are “new” sales.
The 1,670 sales in the past 7 days is just sligthly lower than the 1,835 listings that went under contract during the same period a year ago.
Now, if the President or the Governor put us under a “Shelter in Place” order or something similar that effectively shuts down everything, that will pretty well put a bullet in new home sales for a while. Depending on which “latest report” you believe, that either will or won’t happen.
Stay safe and healthy!
