The economic disruption resulting from the spread of COVID-19 has been swift. But it is hard to capture the true impact with datasets that are retrospective, and released monthly.
In response, CoreLogic is making a range of new early market indicators available. These provide daily and weekly insights into what is happening in residential real estate.
One of our newest available indicators tracks real estate agent activity across the CoreLogic RP Data platform.
The graphs below show the changes in CMA reports being prepared through the platform. A ‘CMA’ is a comparative market analysis report. It has information of recent comparable sales, and assists an agent to determine the likely sale price range of a property. CoreLogic is a market leading source of CMA reports, with a large number of real estate agencies across Australia using this product to enhance their conversations with potential customers.
The volume of CMA reports generated is a leading indicator for the volume of new residential property listings by about two weeks. In the week ending the 5th of April, new CMA generations fell 57.1% on where they were in the equivalent week of 2019.
The number of new CMAs generated over the week also declined, but the rate of decline is slowing, suggesting the swift downturn in real estate activity may enter a period of stabilising.
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The Product Data provided in this publication is of a general nature and should not be construed as specific advice or relied upon in lieu of appropriate professional advice. While CoreLogic uses commercially reasonable efforts to ensure the Product Data is current, CoreLogic does not warrant the accuracy, currency or completeness of the Product Data and to the full extent permitted by law excludes all loss or damage howsoever arising (including through negligence) in connection with the Product Data.