Seattle Real Estate Trends – Episode 17 – 5/1/20

Week 6 of the Stay Home Order…

   And the beat goes on.

Fun fact of the week:

98% of home buying and home selling can do done from the safety and comfort of your couch.  While you are wearing your PJ’s.  Only 2% of it requires you to be out in the world.

The total number of condos and homes for sale continues to tick up ever so gently.   This is the time of year when we usually see a sharp increase in total number of properties for sale.   The real estate market has settled into a nice “new” pattern.   We are seeing a lot less activity than we did last year (about half as much).   

Just the Facts:

We had a bit of role reversal this week.  House pending numbers are down, while condo pending numbers are up.   Hopefully the house numbers rebound back up next week, and the condo pending numbers stay strong.

 

From the field:

  Real estate looks a bit different than it used to.  We are doing as much as possible online, but a few things still require some in-person meetings.  This is a what it looks like now to sign closing documents.   We used to meet in a stuffy escrow office conference room.   Now we meet in an outdoor setting, wear masks, and stay 6+ feet apart.  It feels a little strange, but it’s impressive how quickly we have made adjustments to keep the wheel of real estate moving.

   The offer review date is still almost non-existent in the condo market, but is making a comeback for houses.  There are still homes getting multiple offers.  Half of me feels like it is crazy that the real estate market is still chugging along, and the other half of me is surprised it has slowed down as much as it has.   Nothing normal or predictable going on at all right now.

Watch the video here.

Access the transcript here.

 

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