Despite Seattle being considered one of the original U.S. epicenters of the COVID-19 (commonly known as Coronavirus) pandemic, those who are still interested in buying or selling a home in this region have little to worry about.
Since March 23rd, Seattle has been under a stay-at-home order, barring all nonessential activities. Certain real estate activities are deemed as essential activities under the "Stay Home, Stay Healthy Proclamation" (Open houses are barred, but private showings of homes are still allowed for two or fewer people exercising social distancing). This means that as long as realtors are following the guidelines and are keeping their clients' health and safety the priority, they can still assist in the buying and selling of residential property.
How Has The Stay-at-Home Order Affected Residential Real Estate?
Since the announcement of the Stay-at-Home Order, the Seattle area real estate market has continued to persevere. New listings are still hitting the market every day and it isn't uncommon to see bidding wars, multiple offers, and all-cash deals. It is definitely a strange time in the real estate industry. Buyers who thought the Coronavirus pandemic would make it possible to get a lower price on a home have in some situations found what they are experiencing to be the opposite. One couple reported that they placed offers on multiple homes- all of which were close to the asking prices- only to be outbid.
Simultaneously, many people who were looking to sell their homes before the pandemic are holding off due to anxiety and/or uncertainty of the market. That has reduced an already tight inventory down about 67% from this time last year.
What Sets Seattle Apart From Many Other Major Cities?
What differentiates Seattle from other major cities is its fast-growing tech sector. While many industries are struggling, Seattle's technology industry has sustained its strength as millions of Americans comply with social distancing orders throughout the country. Many realtors in Seattle are also up to date on innovative marketing initiatives and are capitalizing on their knowledge by using technology to help their clients. Virtual tours and 3D floorplans allow clients to tour properties without ever leaving the couch!
Home Sales Are Up Compared to Last Year
In fact, according to data from the Northwest Multiple Listing Service, the number of homes and condos sold in the first week of April 2020 was higher than in each of the past two years, following a 9.1% increase in March 2020 compared with sales in March 2019. What's the bottom line here? The market is still very active. While there’s plenty of concern for what still may happen in the future, there’s a ‘this too shall pass’ perspective.
