Update: Coronavirus and Real Estate in King County April 1, 2020

Wednesday, April 1, 2020   /   by Cory Brandt

Update: Coronavirus and Real Estate in King County April 1, 2020





Realtors are now considered an essential service.  Thus with some limitations we’re able to show and list homes, they are asking that we limit it to serious buyers, no longer do open houses, do as many showings virtually as possible.  We’re set-up with Facetime, Messenger, Skype, etc. to make that happen.  We’re also bringing back full video walkthroughs of homes.  I’ve included some information below to highlight just how active the market is currently.  This information is from the last seven days, it is homes and condos, but doesn’t include new construction or vacant land. 

 

Sammamish:  18 Newly listed properties, making a total of 82 active listings (very low inventory – but not too dissimilar from inventory a year ago when we saw 23 homes list during the same week, but definitely a reduction in listings)

In the last seven days 21 properties have gone Pending – thus more than have listed.  Highlighting it is still advantage to the seller due to the properties selling at a faster rate than they are listing (inventory is shrinking). 

 

Bellevue:  Very similar.  In the last seven days 26 new Active listings with 24 going Pending.  Overall 158 properties on the market.  Last year – there were 37 new listings (so 26 is a very significant drop in new listings).

 

Seattle:  Also similar.  In the last seven days 147 new Active listings with 150 going Pending.  Overall 2368 Actively listed properties, but there are also 2580 properties currently in a Pending Status.

 

Keep in mind that the period I looked at was the last seven days - only about half of that time we were under the quarantine rules, and Realtors for a few days in there were considered non-essential and were not supposed to work at all unless a transaction was in process (that has since been lifted/modified).  In addition many of these listings were in process, so people pushed forward.  What I am seeing and feeling is that we will have even fewer listings soon.  The numbers above already highlight a 20% or so drop off in listings.  I know my call volume is down, as is that of my fellow agents I’ve talked to.  Honestly – going into this crisis with limited inventory was a blessing – it is helping shelter your home values from dropping.  I do think eventually we’ll see areas impacted if this continues.  That said, there are still good opportunities for buyers.  I just saw a GREAT buy in Sammamish, and another really good one on acreage a minutes ago.   This hasn’t stopped me from moving forward on purchasing investment properties.  In my opinion the housing market will have its bumps, but it’ll be fine.  People still need a place to live.  We’re blessed to be in a great area with solid economic factors.

 

Anyway – check out the video.  I wore my Social Distancing Expert t-shirt and shot it next to a Vladimir Kush painting…called the Tree of Life.

 

I hope you, your family and friends are healthy and safe.  If I can help you in any way just reach out.  If you’re bored and want to talk call me.  I’ve talked to friends locally and all over the world in the last few days.  That part has been a blast.  Sometimes I get so busy I forget to connect with the people I care about.

 

On that note – save the date – August 29th 2020!!!!  I’ve got a band lined up!

Stay Healthy, 

Cory 


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