Seattle Real Estate Trends – Episode 16 – 4/24/20

Week 5 of the Stay Home Order…

Before I start rambling about real estate data, I want to talk about something else.

We are in a health crisis.  A job crisis.  A world that none of us anticipated or have seen before.

I acknowledge that this is a weird time to talk about anything “business as usual”.

For me, when life gets scary or tough, I always turn to data.

These weekly reports are helping me stay sane.

So if you feel like getting nerdy, come on in.

If you feel like baking banana bread, napping or spending hours on TikTok, please go do that!

You do you, Boo.  And I’ll do me.  And we will come back together when the time is right.

 

Still with me??? 

Then lets Taco-Bout it!

Let’s chat about houses, and compare this week to the same week last year.  We 64% of the number of homes for sale that we had last year.  That is REMARKABLE!  In a state-wide shut down, we are only seeing 1/3 reduction in the number of people putting their homes up for sale.   Even more interesting is that the buyers are still out there!  The number of pendings is 76% of what it was last year.  Demand is still strong right now.  If we had more homes available for sale, we would likely see even more pendings, since the current pool of buyers does not have a large selection of homes to choose from.

Condos are similar, but not quite as robust.  The number of new listings is 63% of what it was last year, and the number of pending listings is 41% of what it was last year.   Demand for condos is not as strong as it is for single family houses.

More canceled houses this week, but less canceled condos.  A few properties went temporarily off the market, but that is about the same numbers we would see in a non-COVID week.  Our total number of houses and condos that are available for sale continues to creep up, but we are still FAR below the total number available last year.   We are also seeing a trailing off of the offer review date.  Last week, 55 homes had offer review dates, and only 23 of those houses went pending on the offer review date.  This week, only 38 sellers opted to have an offer review date.

From the Field:

  This week has been discussions with clients that want to sell their house and buy a different one.  It is NOT business as usual, so we are coming up with creative ways to get a home sold.  It’s been tough for years to try to be a move-up buyer, since the market has been so competitive that it is almost impossible to get an offer on a new house accepted if it is contingent upon the sale of your current house.  And now homeowners have valid concerns about living in the house while strangers are coming through it.  There are always options, and the beautiful part of being a small brokerage is that we can pivot on a dime and do what needs to be done to help all the “kids” meet their housing goals, no matter how complex they are or how unorthodox our methods are.

Watch the Video Here

Access the transcript here

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