I expected another week of drastic drops in real estate activity. What happened was NOT what I expected!
The above graph is the number of new listings (houses) each week for February and March, and the first weeks of April for the last 3 years
Do you see what I see? The number of new listing went UP this week, not down. My only guess is that sellers assume the Stay Home Order is in effect for at least another month, and likely longer, so they might as well just list the house for sale! In even more bizarre news??? 22 of the 110 new listings this week have an offer reviews date. That is 3 fewer than last week, but still a strange move during this time in the market.
The above graph is the number of new pendings (houses) each week for February and March, and the first weeks of April for the last 3 years
And you know what else went up this week? The number of pending properties. The buyers that are out there right now are SERIOUS about getting a home. As a real-life example, I showed a home to my clients this week that had been on the market for 2 days, and the home had an offer review date. We saw the home at noon, and by 4pm it was pending. The seller accepted an offer BEFORE the offer review date (imagine how heart-breaking that is to a buyer!). Increased pendings and the continuation of the offer review date are signs that despite the reduced numbers of new listings and pendings compared with times of a non-restricted market, we are still seeing high buyer demand.
We had a BIG jump in the number of houses that cancelled (20 this week versus 16 last week) and houses that went temporarily off the market (22 houses last week versus 57 this week). That is the type of market behavior I expected. Condos, in contrast, saw fewer condos going temporarily off the market. The total number of houses and condos for sale continues to increase, but is still far below the numbers we had this same time in 2019.
To summarize, we had 146 total new listings in Seattle this week, and 84 buyers get under contract on a home. That seems like a lot of activity during this time of Stay at Home.
Access the video transcript here.