We are finally starting to see the effects of the Stay at Home Order.
The above graph is the number of new listings (houses) each week for February and March for the last 3 years
In looking at the number of new listings of houses in Seattle, we see a HUGE drop off of people putting their homes on the market starting the third week of March. Until that point, we were seeing a similar pattern of rapidly increasing numbers of new homes coming up for sale. What we were also seeing was a surge of pending listings, indicating really strong buyer demand:
The above graph is the number of new pendings (houses) each week for February and March for the last 3 years
These charts show that demand has dropped in an even more exaggerated fashion than new listings did. Buyers tend to get nervous and hold back on major purchases during times of economic uncertainty. That hesitation is now showing up in the data.
We are seeing some big drops in the number of new listings as well as the number of pending listings for all property types in Seattle. As we see the decrease in both people buying and people listing, we see a slight increase in the total number of properties for sale.
Another timely metric to watch is the number of properties that WERE actively for sale, but the sellers have chosen to take off the market:
Such strange activity! The number of canceled properties is about half of what it was last week. Houses also had about a 50% decline in the number of houses that went temporarily off the market, while condos saw a 20% increase in units coming off the market temporarily. The offer review date vanished for condos, but saw an increase for houses. This market can not be predicted, and it’s hard to make sense of it all!
Access the video transcript here.