Nothing is normal, yet real estate is still, at least for now, chugging along. The NMWLS removed the open house field from the website, essentially causing all open houses to stop. Smart and tech savvy brokers (like me) are offering video tours, FaceTime showings and other distance-friendly, tech enabled ways to help buyers still “see” homes they are interested in.
This really caught me by surprise. We saw MORE houses and condos come on the market this week than we did the week before:
What is not surprising is that we saw far fewer properties go pending this week. And of the properties that came on the market this week, the percentage of them with offer review dates dropped by almost half. Every seller that is coming on the market now seems just as unsure as the buyers as to what this pandemic will do to Seattle real estate.
Note this. In Seattle, last week, a total of 326 properties came up for sale, and 178 buyers got into contract on a property. That is more people than got into contract the week of February 15th (the last week before we had an understanding of the COVID-19 virus and that it might be bigger than anyone anticipated).
It is NOT my place to say if now is a good time to buy or sell real estate. NOW is a good time to take care of yourself and do what feels right for you. It is my place to keep bringing you these weekly data updates. I love you Seattle!