Covid19 Impact on Real Estate - March 2020

Blog Post Image
Real Estate

My active and past clients are wondering what impact the Covid19 problem has had on the local real estate market. The experience I have had in the market over the past three weeks tells me intuitively that, so far (knock on wood), it hasn't really had an impact. Homes are still being listed for sale and homes are still selling at a fast clip. Buyer's are snapping homes up very fast with many listing receiving multiple offers. I helped a client submit a successful offer to buy a home in Lake Stevens this past Monday. The home tour and the offer / negotiation process took place under the Stay at Home restrictions established by the Governor. Even under these conditions, the seller received multiple offers. 

But maybe my intuition and awareness of the market aren't reflective of what is really going on; maybe they just aren't up to snuff. So I dusted off some of the Excel skills I used as a business development leader in the corporate world and dug into some trends that aren't readily discernible through the basic MLS reporting functions. Here is what the data seems to say.

Other than a slight dip in Week 13, listing activity in Snohomish County has been strong. Sellers still want to sell their houses and they are asking real estate agents to put them on the market. The chart below shows 116 new Snohomish County listings in the past week. 

New Active By Week for Weeks 10-14

Buyer's are still buying. 53 homes moved closer to closing in week 14. 13 of those moved from active to pending or pending inspection. While this activity is not what it should be, it may be a result of agents not being allowed to show homes for a few days in week 13 while the Governor worked through which businesses should be considered essential. It will be interesting to see what next week, week 15 holds.

If you would like to figure out if now is a good to to buy or sell a house, contact me. I will be happy to help. Call or text me at 425-829-9565. Or find me on Facebook; David Wallace Real Estate Professional. Be sure to like my page and DM me if I can help.

David Wallace

425-829-9565