April was the first month to show the effects of COVID-19 on the Ada County residential real estate market. April closings were down 12% compared to last April while new (pending) contracts at the end of the month were down 16%. It is telling that new resale contracts, which are generated more recently than contracts for new construction, were down 26%.
When people are confined to their homes, and when people lose their jobs, it's difficult to buy real estate.
An interesting statistic we've been following is the ratio of pending units to total inventory units. At the end of last April, there were 1,910 pending units compared to 1,523 available units in inventory, a ratio of 1.25 to 1, a significant statistic for a hot market. The ratio at the end of this April was 1.05 to 1, which was lower but it still shows strong demand for the limited inventory available. See below: