Impact of Covid-19 on Real Estate Showings

Currently, the State of Arizona is under a “Stay Home” order except for essential businesses. Real Estate was declared to be one of those essential businesses. Real estate brokerages, Realtors and title companies are thus still working through the crisis. However, most buyers are following recommendations from the State of Arizona and the CDC to stay home. This is really the wisest course of action during the pandemic. I hope everyone stays safe and healthy during this critical time.

As a result of coronavirus, the number of showings at homes for sale is down significantly. This chart from ShowingTime indicates that compared to the same time last year, the number of showings  is down 48.3%.

Economists expect that this trend will continue until social distancing recommendations are relaxed. Once the chaos of the virus has passed, and life resumes back to normal, the number of showings at homes for sale will increase. Only time will tell how much of an impact the coronavirus will have on real estate prices. Scottsdale had an extremely strong real estate market prior to coronavirus. It was a sellers market at many price points and the competition was stiff between buyers.

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