The housing market slowed to a crawl as shelter-in-place orders propagated across the country but, in Dallas-Fort Worth, one report indicates that the market has already returned to pre-pandemic levels.
Compass, a national real estate company with offices in 16 states (including Texas, where it maintains a presence in Dallas-Fort Worth, Austin, and Houston), took a look at the market in the regions it serves, and produced a report that breaks down when the markets hit bottom and how much they have recovered since pre-pandemic days.
“This report uses MLS and Compass data to analyze the impact of COVID-19 on listings under contract,” a spokesperson said. “We believe that under contract listings, when both buyer and seller have agreed on an offer, are among the most useful indicators of buyer demand in the housing market.”
The report looks at the dramatic decline in listings going under contract across the country, followed by another dramatic increase after the region hit bottom.
“In every major Compass region, the market reached bottom sometime between March 31 and April 13,” the company said, with the most dramatic declines seen in Seattle, New York, and Washington D.C.
On April 12, the average number of listings under contract nationally dropped 40% from pre-COVID levels, establishing the bottom. But, by April 20, the average number was back to pre-shelter-in-place levels. By the end of April, the average number of listings under contract was 24% higher than the average before shelter-in-place orders were widespread – a 64% increase from the bottom.
In Dallas-Fort Worth, listings under contract dropped by 42% on April 12, but by April 24, the listings had returned to pre-pandemic levels. As of May 5, the number of listings under contract had increased 95% since reaching the bottom, and are 53% higher than they were before the pandemic.