People are still buying and selling, but activity has slowed
Above is a look at new listings this March and last March. Initially we were seeing more new listings in March 2020 than March 2019 but as the reality of COVID-19 set in, new listings understandably declined but did not drop to zero. Currently we’re still above Thanksgiving and Christmas/New Years weeks levels.
And below is a look at pendings for March 2020 versus March 2019 showing pendings have slowed, but not as much as you’d expect. The number of pendings for March was already lagging behind 2019 likely due to less homes for sale this year as compared to last year which is likely why the market was so hot before COVID-19 hit.
- 3/3 – Seattle mayor declares state of emergency
- 3/5 – Tech companies advise employees to work from home
- 3/12 – Seattle schools close
- 3/23 – Stay-at-home announced
- 3/25 – Stay-at-home goes into effect, real estate not essential
- 3/28 – Real estate now essential