Week 15 2020 - The Impact of COVID-19 on Real Esta

Market Trends

Okay, so how are things holding up in the real estate market around here? I would say, not too badly under the circumstances. This week I am providing another snapshot of the real estate market in King and Snohomish Counties. The update provides data for transactions categorized in the MLS as single family residences. Transactions for condominiums and manufactured homes are not in the data set. There is no particular reason for the exclusion. I didn't include condos and manufactured homes in the first update and to maintain continuity in the data set I stuck with the same criteria as before. A view of single family residences is a good measure of the health of the market overall. So, this isn't a perfect view, but it is one that will give you some comfort that though things have slowed down a bit, they are still moving along, Folks who want or need to sell a home are listing them for sale and folks who want to buy a home are buying. 

Both seller and buyer activity increased last week! That is good news for sure. True new listings were up in both counties in week 15. Honestly, that was a surprise to me. I am an optimist by nature, but I figured new listings would have continued at lower levels. Further, the number of homes that went into contract, that is moved from active status to any pending status, was also up in week 15 as compared to week 14.

Good news for sellers, though not so good for buyers, was that the total number of homes available on the market declined in week 15. Over 1700 homes left the market by going under contract or having the listing removed from the market. This more than offset the 1407 new listings in the same week.

What's the moral of the story? If you want to sell your house, now is a great time. If you want to buy a house, even though inventory is light, interest rates are low making it a good time to buy as well. Do you want to learn more about how to do either safely and with good success under the COVID-19 restrictions? If so, feel free to give me a call. It will be my pleasure to help.

Thanks for reading my blog. If you have any questions about this or any other real estate topic just reach out. You can contact me through this website, message me on Facebook, David Wallace Real Estate Professional, or text or call me at 425-829-9565.

NEW PENDING HOME SALES FOR KING AND SNOHOMISH COUNTIES

Week 15 2020 new pending home sales

 

NEW ACTIVE LISTINGS IN KING AND SNOHOMISH COUNTIES

NEW ACTIVE HOME LISTINGS WEEK 12 TO 15

 

SOLD HOMES

CLOSED HOME SALES WEEK 12 THROUGH 15