Open For Business…

It’s been about 6 weeks since the Covid stay-at-home order went into effect here in Washington and most of the people I talk to are settling into new routines and figuring out how to safely go about their own essential activities. On the whole we’re a pretty resilient bunch!

Until recently, news from the real estate front was understandably well down on most priority lists. But recently I’ve been surprised by the relative strength and activity level of the local market and by the number of questions I get about what the market is doing. So here goes.

First, the all-important caveat: Predictions are tough right now since no one knows exactly how or when the economy will pull out of the current mess. Our market, however, continues to chug along thanks largely to the solid fundamentals in place before everything was shut down. And while activity (new listings, pending sales, etc.) has slowed, it has by no means stopped. In fact, the weekly number of new properties under contract compared to a year ago tells an interesting story of resiliency. The market was screaming along heading into springtime, jammed on the brakes and now seems to be slowly accelerating again. New contracts are down “only” 32% across King County and 25% in Seattle. Given all we’ve been through those numbers are incredible to me. The Eastside is a bit slower due to sluggishness at the higher price points.

As restrictions are lifted, I’m confident that the market will continue to strengthen, aided by pent up demand, low interest rates and an overall improving economy. We’re not out of the woods yet, but there’s light at the end of the tunnel, and it doesn’t appear to be an oncoming train!

So hang in there and we’ll get through this. In the meantime, have some fun. Pick up the phone and call someone you haven’t talked to in years. Better yet – Facetime them. I have both made and received such calls in the past couple weeks and it’s a hoot. Let me know how it goes!