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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
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
Coronavirus Protections for Home Sellers
Before you decide to sell, be sure to seriously consider the risks of putting your home on the market right now.
❱ While open houses generate interest and traffic, groups are hard to control, and we want to practice “social distancing” when we can. We recommend only allowing showings by appointment; this ensures that only serious buyers enter your home, reducing possible spreading of the virus.
❱ Consider vacating the property from list date to offer review date by staying with family or friends or at a short-term rental.
❱ Wipe down surfaces following every showing of your home.
❱ If you start to feel sick or have knowledge that you have been in contact with someone suspected to have COVID-19, take your home off the market immediately.
❱ Ask your agent to pre-screen buyers before they enter your home to ensure they aren’t ill and have not potentially been exposed to the virus.
❱ Place a placard in the entry of your home requesting that any person who has recently been ill or may have been in the company of someone who is suspected to have COVID-19 to not enter your home.
❱ Provide hand sanitizer throughout your home.
❱ It’s common for sellers to provide protective booties for buyers who tour the home; consider also providing disposable gloves.
❱ Leave interior doors open so that buyers who tour the home don’t have to touch the handles when entering rooms.
❱ Disinfect your home with proper cleaning supplies after every open house.
The Gardner Report – Third Quarter 2019
The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist, Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.
ECONOMIC OVERVIEW
Washington State employment has softened slightly to an annual growth rate of 2%, which is still a respectable number compared to other West Coast states and the country as a whole. In all, I expect that Washington will continue to add jobs at a reasonable rate though it is clear that businesses are starting to feel the effects of the trade war with China and this is impacting hiring practices. The state unemployment rate was 4.6%, marginally higher than the 4.4% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2019 will rise by 2.2%, with a total of 88,400 new jobs created.
Washington State Real Estate Excise Tax 2020
Local Market Update – December 2019
“Favorable interest rates and soaring rents boosted activity in the housing market in November. More buyers competing for less inventory kept home prices strong. With the supply of homes far short of demand, sellers can expect well-priced properties to sell quickly this winter.”
Windermere’s Winter Drive Collects Nearly 6,000 Items for Mary’s Place
It’s another fall season and the fourth year of Windermere’s #TackleHomelessness campaign with the Seattle Seahawks. As a part of this campaign, Windermere hosts an annual “We’ve Got You Covered” winter drive. This year, 33 Windermere offices in in the greater Seattle area* participated in the drive, collecting new hats, scarves, gloves/mittens, socks, and other warm winter items for Mary’s Place.
