How’s the Local Real Estate Market?

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.

 

Posted on June 9, 2020 at 11:26 AM
Robin Myers | Category: buying a home, condominium speciaist, condominiums, economy, housing market, mortgage interest rates, real estate, selling a home | Tagged , , , , , , ,

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