Why the data tells an evolving story during COVID-19 pandemic

You know real life is messier than the glossy photos on Facebook. The data we use to tell you about real-life folks buying and selling homes or what the market statistics are presents many of the same problems right now. People’s lives and the market is often complicated, busy and chaotic, even during the best of times. Our data is a snapshot of the market during a pandemic, which makes our evaluations and investigations complex. Like SUPER complex.

When we post a stunning photo of a home we have just listed or sold to social media, we pick the ones that tell a clear story.  One that is a tale-tale story of the lifestyle that surrounds the home. The stories are true and grand.  The weather is beautiful.  We’re always doing something amazing, fun and interesting.  Everyone is having fun!

But that photo is just a snapshot in time.  What folks don’t see is the complicated reality that really played out behind the scenes to create a successful close:

·       We stood in the rain for 5 hours.

·       We have compassion while perhaps a client’s family member has passed on.

·       We suit up in our PPE’s to enter a home.

·       Hours upon hours are spent doing a sort of archeological anthropology dig to find out the history.

·       Countless hours are spent learning cutting-edge technology.

·       Homeowners are orchestrating contractors like they are pros at general contracting.

·       We’re sifting through all of our resources to refer assistance to our clients.

·       We spend chair time designing stunning marketing.

·       Countless hours negotiating the best price and terms is done on the daily

There is so much more to the story behind data than you could ever imagine. There is so much backstory that I about freak out when someone wants to use a discount broker or do it themselves. One solid thing I can tell you about the housing market during the pandemic is that to-date it is HOT  HOT HOT in the Puget Sound.  We, along with our industry, have adapted to the evolving waves rippling from the COVID-19 pandemic.  We have been given the latitude necessary to work in the marketplace (Real Estate is deemed essential) and we all must continue to take significant caution and care.  Despite limitations, NWMLS brokers added 10,291 new listings to the database during March, outgaining February by 2,505 listings (up 31.2%) and nearly matching the year-ago number (10,516).  At the end of March, there were 9,418 active listings in the NWMLS database, a drop of nearly 22% from twelve months ago, but a gain of 23% from February.  Area-wide, there was 1.4 months of supply, but it ranged from less in some outline areas.

We are enthused by the strong numbers of listings and sales to date. Contrary to what most people are hearing the market has remained strong, yet we may or may not see disruption.  If we do, the industry is feeling that the disruption will be April and May and back on track from there.  We will continue to keep an eye on it as we move forward with your plans.

We wish the best to all of our communities,

Joey Soller

Stacie Palzer