When the COVID-19 crisis hit in March, it caused new listings to plunge, just when we would typically expect a large number of homes to come onto the market. The drop was dramatic. From March through May, only 3,402 homes were listed in Montgomery County, compared with 6,066 homes during the same period last year.

Buyers hoped that sellers who held off listing their homes during the Spring would list them later in the year, but so far the numbers tell a different story. From June through October, new listings in Montgomery County did increase, but only by 484 compared with the same period last year—not nearly enough to make up for the 2,664 fewer listings we saw from March through May of this year.

What does this mean for sellers? Market dynamics still favor sellers, with housing supply lower than buyer demand. Sellers whose homes show well and are priced in line with comparable sales can still expect a good response.

For buyers, the picture isn’t as rosy. Historically low interest rates don’t help if you can’t find a home to buy. Many are hoping to see more homes listed in the near future while rates are still low.

Data from BrightMLS as of 11/9/2020.

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