In the midst of a pandemic, real estate market in Western Washington holds strong
The Northwest Multiple Listing Service has released its monthly report on the state of the real estate market in Washington and overall the news is positive. As the country battles the coronavirus pandemic, the volume of new listings rose 29.2% in the areas surveyed by the NWMLS. In addition, pending sales went up an impressive 44% from April 2020.
While the month over month numbers are positive, as expected the year over year data shows declines due to the disruptions the pandemic has caused throughout the world. Number of new listings in May of 2020 was 33% lower than during the same month a year prior. While closed sales dropped about 35%, it is important to note that the prices system-wide have not. On the contrary, they are up about 2.3% from May 2019.
It is worth noting that the 2.3% increase refers to the entire area where the Northwest Multiple Listing Service is present – 23 counties across the state. While the overall increase is positive, five counties reported a drop in average prices. While Okanogan County showed an increase in sales price of about 30%, King county reported a drop of -2.8% year-over-year. However, many remain positive that the drop is related to COVID-19 and expect the prices in our county to recover swiftly as we enter prime buying season.
While the pandemic has affected us in many ways, we are certainly still keeping our hand on the real estate pulse. Please feel free to reach out to us at 206.910.5000 or at email@example.com if there is anything we can assist you with.Email