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.
With a median sold price of over $1M, Eastside residential sales in March showed how well the pre-coronavirus market was performing. Though stats will drop significantly in the coming months due to the Stay Home order, we predict demand will gradually return once the order is lifted.
March residential sales figures in King County reflected the results of a hot February market. Next month’s sold data will begin to reflect the slowdown of buyer activity due to the governor’s Stay Home Stay Healthy order.
March sold homes data for Seattle reflected a fast-paced and competitive market leading up to the Stay Home Stay Healthy order. Despite the far-reaching effects of COVID-19 on the national and local economies, we’re hopeful there’ll be carryover opportunities for those who need to move when the order is lifted.
Sales data from March shows that the late winter residential market in Snohomish County was quite active. The current decline in home sales will show up in future months’ reporting.