New report: Pending sales, showings, listings increase since start of COVID-19 pandemic
The Minneapolis Area Realtors' new report found pending sales, showings and listings are going up for the first time since the pandemic hit in Mid-march.
The report’s author wrote it's too early to say the worst is behind us with the COVID-19 housing market but it's a positive sign.
“I think there's some pent up demand, people know what they are dealing with a little bit more with the pandemic,” said Linda Rogers, the realtor association president. “They know how to protect themselves and they are feeling a bit more comfortable."
"The virtual showings are a great way to get something started to know if you're interested or not," said house hunter Angela Hedlund.
Hedlund said she tried to see some homes in-person but there are often limits on daily showings due to new COVID-19 restrictions by the homeowner, which means another buyer might move in with an offer.
"It is challenging,” Hedlund said. “I think the market's very competitive.”
5 EYEWITNESS NEWS asked realtors in different corners of the metro to get a pulse on the market.
"You might see three offers on a home versus six,” said Keith Hittner Jr., a realtor with the Hittner Group in Dakota County. “We're still selling homes with multiple offers and we're still getting very good traffic on properties."
Hittner Jr. estimates a 1.7-month supply of homes across the Twin Cities.
“I still believe it's a seller’s market for sure,” Hittner Jr. said. “We have a very limited supply of inventory."
“It doesn't feel like a normal spring market," said Edina Realty’s Amy Michielle Freeman.
Freeman, a St. Louis Park-based agent, said the last 10 days have been the busiest she’s been all year, that includes before the COVID-19 pandemic drop in mid-March.
Both realtors said the most movement in the housing market is in the $250,000 to $500,000 price range.
“You also need to be focused on what you want,” Freeman said. “It's not kind of that learning curve of ‘I thought I want this … I kind of want that,’ you really need to move."
Freeman said showing time restrictions have been put up by some homeowners to lower the amount of time potential buyers can spend in the home due to COVID-19 concerns.
“I do feel kind of a crunch to figure something out," Hedlund said.