Strange Days, Indeed…

When I wrote back in April that these were “strange days, indeed” I had no idea. No idea that we’d still be largely locked down heading into June. And no idea that we’d see protests hijacked by violent rioters across the region and across the country. Strange days, indeed. I’m not here to make political commentary, but if you’re ready for a 5-minute break from the madness, the virus, the news videos and the blackouts I’m here for you with a quick dose of free real estate chatter.

So far, our local real estate market seems remarkably unfazed by everything going on around us. Last month I highlighted the fact that despite the COVID-related business closures, stay at home orders and general economic upheaval, King County real estate activity was “only” down 25-30% depending on your neighborhood. The analysis compared the weekly volume of new real estate contracts to the same week a year ago. The Eastside was a bit slower due to some sluggishness at the higher price points, but this generally seemed like incredibly robust activity.

Fast forward one month to the week ending 5/27 and the volume of new contracts is actually AHEAD of where it was a year ago in all 3 geographies (see charts below). Interestingly, all price points are now contributing, with five West Bellevue homes priced over $4M going under contract in the past 2 weeks alone. Two of them sold in less than a week. Amazing. 

Obviously, there is no guarantee that the current activity levels will hold. Headwinds, including new listings not keeping up with demand and major structural damage to the economy from a prolonged shutdown could still slow things down. But so far things are full speed ahead. We’ve figured out how to list and show properties safely and according to the state’s guidelines and we’re helping buyers and sellers are navigate their way to listings and through transactions. If you’re considering a move don’t wait for things to “get back to normal”. The strange days may be with us for a while and right now there’s no time like the present! I’ll keep you poste

Click HERE and I’ll leave you with the best thing I saw yesterday. Stay safe and be kind, everyone.