California Realtors Divided On The Coronavirus Impact

LOS ANGELES, CA — Half of California's realtors believe the coronavirus will take a toll in home sales, according to a poll released Thursday.

A coronavirus hit could possibly affect sales, prices and time on the market. Nearly half of those surveyed, 49%, believe time on market will be negatively impacted, the California Association of Realtors said. Conversely, others said they expect no impact on home sales, 36%, or time on market, 38%. Already, many realtors are reporting that clients are putting their home sale on hold during the outbreak while many others are fretting.

Other aspects expected to take a hit were home prices, according to 40% of Realtors; closings, 38%; supply, 37%; and market competition, 28%.

Meanwhile, more than half of those polled, 55%, said they expect no impact on market competition, or closing, 53%, while 45% expect zero impact on price.

More than a third of Realtors report they have clients who have inquired about the effect of COVID-19 on the market, and 26% say their clients have put their home purchase or sale on hold.

In response to coronavirus concerns, the association has canceled its spring Board of Directors meetings scheduled for April 28-May 1 in Sacramento. In addition, it has suspended nonessential volunteer and staff travel for business purposes until further notice.

The California Association of Realtors claims to be one of the largest state trade organizations in the U.S., with more than 200,000 members and is headquartered in Los Angeles.

City News Service and Patch Staffer Paige Austin contributed to this report.