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buying a home • condominium speciaist • condominiums • economy • housing market • mortgage interest rates • real estate • selling a home • June 9, 2020

How’s the Local Real Estate Market?

by Robin Myers

We’re 12 weeks into more experience dealing with the impact of COVID-19 on the economy and specifically the local real estate market. After a significant market decline in new listings, buyer interest and closed sales in March and April (not at all surprising) real estate came back strong starting in early May.

  • the number of pending sales is trending higher and homes are selling quickly
  • more new housing inventory is coming on the market reflecting prices comparable to February prior to the COVID-19 pandemic and Washington State’s stay home/stay healthy order
  • sales prices in the last two weeks are also rising with multiple offers more common and homes selling above list prices
  • buyer applications for new mortgages are on the rise – interest rates are at record lows making buying a home more affordable

Matthew Gardner, Chief Economist for Windermere Real Estate provides his weekly look at the economy and specifically the real estate marketplace in our area.

 

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