Pandemic market in WA: new listings drop while prices rise
As expected, the pandemic has had an effect on the real estate market in Western Washington during the month of April, the data from Northwest Multiple Listing Service shows. The NWMLS, a member-owned organization with a service area spans 23 counties with 30,000 broker-members, releases a monthly report on the state of real estate.
The number of both, closed sales and the new listings was lower in April than during the same month last year, as expected given the stay-at-home orders. The inventory was 21% lower year over year, dropping form 12,995 listings in 2019 to 10,282 in April of this year. King County was one of the most severely affected areas, with inventory shrinking by almost a third – down 29.6%. The volume of new listings added during April was down 34.7% from last year.
While inventory dropped, the prices went up. System wide, the median prices were up nearly 6.4%. In King County the prices rose 4% from a year ago, from $625,000 to $650,000. Year to date prices area-wide were also significantly higher, up 9.3% from a year ago.
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