A look back at last week versus a year ago
Last week was a wild week for Seattle real estate (and certainly life in general!)
On Monday we were anticipating a shelter-in-place like directive and indeed got a stay-at-home directive announced at 5:30pm that was going into effect Wednesday night deeming real estate non-essential. Thursday and Friday real estate agents were relegated to working at home but received a reprieve Saturday when it was announced that with restrictions, we could continue working.
Given the turmoil, we’ve seen agents:
- rush to list Monday and Tuesday hoping to get pending before the directive went into place
- change their listings to temporarily off market (TOMK) when their listings could no longer be shown
- Switch from TOMK back to active on Saturday and Sunday
- activate new listings since agents are allowed to show homes again
And remarkably, buyers are still writing offers as listings are going pending.
We do expect that the usual bump in new listings that we see in April will be muted this year and that many sellers will wait until the stay-at-home directive is lifted.