Realty During the Pandemic – Facts & Stats

Those who closely observe Atlanta’s market say signs point to more of a temporary slowdown than a Great Recession-like slump.

  • More than 9,000 closings across the metro in recent weeks, according to data from First Multiple Listing Service.
  • The Georgia Association of Realtors has worked with attorneys to include a new COVID-19 stipulation in contracts that states, basically, that buyers and sellers can extend deadlines (although not indefinitely) should a coronavirus-related event interfere. It provides an out, for both sides, that didn’t exist before.
  • Metro-wide listing cancellations and contract withdrawals have not increased over 2019. But nearly 1,000 properties have been moved to “hold” status, he notes, in lieu of being pulled from the market, as sellers take additional precautions or arrange for virtual showings.
  • Lenders are allowing drive-by appraisals that don’t require anyone to leave their vehicles.
  • As of March 31, the Georgia Supreme Court and Governor’s Office have agreed to allow video closings to be temporarily permissible across the state, eliminating the need for closing attorneys to be physically present and documents to be notarized in person.
  • While traffic to Zillow listings in some markets is still way down from a year ago, the national total jumped 13% annually for the week ending April 13.
  • In a weekly survey, 74% of agents said their clients have not reduced listing prices to attract buyers, according to the National Association of Realtors. 
  • FMLS data show about 1,200 homes have gone under contract in the past two weeks.