Market conditions June 26, 2020

Seattle’s Housing Market Remains Resilient Despite COVID-19

The Seattle area housing market in May continued to show resiliency amid the novel coronavirus outbreak, with increases compared to the previous month in new listings and pending sales.

report from Northwest Multiple Listing Service — which covers 23 counties in the region — showed King County had 3,585 new listings during May, compared with 2,707 new listings that came on the market during April. The total number of active listings in King County also went up slightly month over month, from 3,255 in April to 3,467 in May.

“The market has proved to be very resilient,” Northwest Multiple Listing Service Director Mike Larson said in a news release.

But the number of active listings in May of this year was still about 40% lower than the total active listings in May of last year, according to the report.

The report also found pending sales in King County went up month over month, from 2,246 to 3,358. But the number of pending sales was about 20% lower than it was at the same time last year.

The median home price for closed sales in King County dropped month over month, from $650,000 to $627,000.

“I don’t think anyone should be surprised that home prices in King County took a ‘breather’ in May,” said Matthew Gardner, Windermere Real Estate Chief Economist. “Clearly COVID-19 was the cause for this drop, but I’m confident this is a temporary situation that will be reversed as King County starts to reopen, and fresher inventory comes to market.”

Gardner said he expects prices to go up again in the months ahead.

While the local housing market is still hot, it looks a bit different than in previous years. The number of new listings dropped in the first few months of the shutdown, but homes going under contract (pending sales) are on the road to recovery.

The pandemic caused some sellers to put their sale on pause, compounding the fact that the Seattle housing market was already experiencing low inventory and strong buyer demand.

The drastically low inventory is posing some challenges, making it feel like there just aren’t enough homes. Properties under $1 million are selling quickly, with new listings going pending after just a few days on the market. Bidding wars and multiple offer situations are again becoming commonplace. A balance in the market is unlikely until more sellers decide to list their homes and new construction accelerates to meet demand.

Since the start of the pandemic, real estate agents have been taking advantage of technology, doing virtual tours and using social media to interact with clients. Even as the pandemic put much of life on hold, people have continued needing to sell and buy homes.

While experts have said that uncertainty remains about the long-term impacts the coronavirus pandemic may have on the housing market and the region as a whole, real estate agents are staying positive. The market is strong with improving outlooks week over week.

A version of this article was first published on seattlepi.com by Becky Savransky, and on GettheWReport.com

Market conditions May 12, 2020

Local Market Update – May 2020

We hope you are weathering the new normal as best as you can. With everyone spending more time than ever at home, real estate has taken on a whole new importance. For those who are interested, here is a brief update on how COVID-19 continues to affect our local market:

  • Business was better than expected under the Stay Home order. COVID-19 did reduce real estate sales in April as compared to a year ago, however the number of sales rose steadily each week of the month. Sales growth continued in early May and we expect sales to increase slowly week by week.
  • The number of new listings dropped, suggesting that would-be sellers are waiting until the shelter-in-place order is over to put their home on the market. With local technology companies continuing to hire, buyers will continue to face competition for limited inventory in the coming months.
  • Home prices remain stable, with the median price of homes sold in April up slightly from a year ago. Sellers appear to be pricing homes realistically and buyers are not finding deep discounts.

 

The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for April are mostly reflective of sales in March. Next month’s data will offer a more telling trend of the effect of the virus on the local housing market.

If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

As our current situation evolves, know that the safety of everyone remains our top priority.

EASTSIDE

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KING COUNTY

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SEATTLE

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SNOHOMISH COUNTY

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This post originally appeared on GetTheWReport.com

Community May 1, 2020

Support Local: Ways to Boost Our Community during COVID-19

Now more than ever, our local community needs our love and support. Whether you’re able to donate time, money or other resources, we’ve rounded up a few comprehensive local guides to help you get involved and give back.

Donate to Coronavirus Causes

This list compiled by The Seattle Times is extensive — covering everything from animals to research and social services, direct support for artists, businesses and restaurant workers, and volunteering opportunities. The Times also includes helpful information for researching charities and how to look up nonprofit spending.

Volunteer Across King County

This comprehensive crowd-sourced list is organized by what’s needed. From writing notes to neighbors living in senior centers to delivering food, mentoring kids or donating blood, this list connects you with organizations across the county and gives you the info you need to get involved.

Help Feed the Front Lines

The brokers at Windermere Real Estate Co. have started a drive to get lunch twice a week for the medical professionals at UW Neighborhood Clinics. The drive is a  partnership with chef Renee Erickson, a James Beard Foundation award winner, and her restaurant The Whale Wins. This effort serves both as a thank you to our medical front-liners and as a boost to a beloved local business. The goal is to raise $19,000 to provide over 1200 lunches. If you’d like to participate or donate, you can do so on the Windermere Foundation’s website and make sure to type Feed the Front Lines in the “Office Name” box at the top of the form.

 


This post originally appeared on GettheWReport.com

Buyers adviceMarket conditionsSeller's advice April 14, 2020

Local Market Update – April 2020

Windermere is focused on keeping our clients and our community safe and connected. We’re all in this together. Since the early days of COVID-19, our philosophy has been “Go slow and do no harm.” While real estate has been deemed an “essential” business, we have adopted guidelines that prioritize everyone’s safety and wellness.

Like everything else in our world, real estate is not business as usual. While market statistics certainly aren’t our focus at this time, we’ve opted to include our usual monthly report for those who may be interested. A few key points:

  • The monthly statistics are based on closed sales. Since closing generally takes 30 days, the statistics for March are mostly reflective of contracts signed in February, a time period largely untouched by COVID-19. The market is different today.
  • We expect that inventory and sales will decline in April and May as a result of the governor’s Stay Home order.
  • Despite the effects of COVID-19, the market in March was hot through mid-month. It remains to be seen if that indicates the strong market will return once the Stay Home order is lifted, or if economic changes will soften demand.

Every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

Stay healthy and be safe. We’ll get through this together.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com