As we know, COVID-19 really is having an impact and has spread across the country in March. The stock market continues to decline and has accelerated in this downward spiral since February. It did however recover just a little in the last week of March. It's been pretty terrible across all of the financial markets, lenders even began tightening underwriting standards. My sister was in the middle of building a home and found she was no longer able to complete her transaction with the current lender because the bank's underwriting standards changed. So many have had to lay off, SO MANY, well qualified and hard working people. In fact, this has been the highest amount of people getting laid off from their jobs in the history of, well, forever!
Some states have been feeling the wrath of COVID-19 stronger than others. They might be feeling it stronger in the coming months? Nearly everyone has started working from home. Even with everyone working from home, less and less people answer the phone when I call. LOL, so, I changed my cell phone carrier and asked the new carrier's telemarketer if they were having trouble getting people answering the phone. She suggested I start calling everyone in the morning, when they're not drunk, hahaha!!!
I'm sure you want to know about the numbers, so here we go...
Seattle's Housing Market at a Glance
Obviously, we were headed into a straight recession before this monster of a pandemic hit us. I honestly thought we'd see a huge change in the market. You now, with so many people getting laid off etc...
For the Central Puget Sound:
King, Kitsap, Pierce and Snohomish Counties
- Closed Sales decreased 5.1% for Residential homes but increased 10.4% for Condominium homes.
- Pending Sales decreased 7.2% for Residential homes and 14.2% for Condominium homes.
- Inventory decreased 32.6% for Residential homes and 24.9% for Condominium homes.
- The Median Sales Price increased 10.8% to $549,925 for Residential homes and 5.8% to $410,000 for Condominium homes.
- Days on Market decreased 32.5% for Residential homes and 31.6 for Condominium homes.
- Months Supply of Inventory decreased 33.3% for Residential homes and 25.0% for Condominium homes.
If you have a little time on your hands, you might like to check out one of my previous posts? You can find them here: www.vivaseattle.com/blog
As you know, I love to share a couple of photos every month, so we can get to know each other (and so when I call you we have something other than real estate to talk about) and here they are...
This month I decided, with everything closed, and it seems most of everyone is too drunk to talk to me :-) I made one of my favorites, the Whiskey Old Fashioned:
The second is a video: I have a lot of healthcare workers in my family and a few friends. I'm worried about all of them and miss them so much. They are our warriors on the front line. Though they are in my own city, I know they're keeping their distance to keep me safe and Zoom will have to do for now :'( The video below is from my balcony. Everyone in my neighborhood cheers, bangs pots and pans, blows whistles, etc, every day at 8p to let them know we love and are proud of them. I thought you might enjoy the watch?