#55 - Seattle Real Estate Market Still Super Strong! - NWMLS Stats May 2020

Here's the Seattle Real Estate Market Update for April 2020. Don't believe the Seattle Times!!! -Fake News!!

Find out how the Seattle Real Estate Market did during the month of April, our first full month of data during the pandemic.  

Join Sean Reynolds, owner of Summit Properties NW & Reynolds & Kline Appraisal as he discusses the NWMLS stats and the impact of the stay at home orders on the greater Seattle Real Estate Market. 
      
Residential real estate activity around Puget Sound reflected expected declines during April with the impact of the coronavirus pandemic in full effect.  The normally active spring market has been significantly slower but it didn’t come to a halt. 

We saw big drops in new listings, pending sales, and closed sales with available inventory increasing only slightly, but the one thing that didn’t drop significantly was prices.  Systemwide we saw prices increase by nearly 6.4% year over year. Year to date prices systemwide was up 9.3% compared to the same period a year ago.  In King County prices were up 4% from a year ago, Snohomish County was up almost 6% with Pierce up 12%.  But these prices took into consideration the red hot January, February, and March real estate environment.  

To get a better look at what’s really going on let’s look at March to April or month to month pricing during the Pandemic:  Median prices in King County fell by $720,400 to $715,000 or .75%, Snohomish was slightly off by $4,000 down from $524,000 to $520,000 or .76%, and in Western Washington, as a whole prices slightly fell from $470,000 to $466,500 again .75%.  If you can get away with less than a 1% median price drop during an ongoing global pandemic that’s a win.              

So what is causing real estate here in the Puget Sound market to be so resilient?  Three things:  Super low levels of inventory, historically low-interest rates and a super-strong local economy with Amazon leading the way.  Also, buyers and sellers along with their real estate agents have adjusted quickly to the new norm of virtual home tours, online open houses, only two people at physical house showings including 1 agent and through the car window signings by escrow agents. 

But I think the real test will come as we begin to reopen the economy and we begin to see if consumer demand is strong enough to sustain our local businesses.  Catch up with me next month to find out how we are doing!  Thank you so much for watching this Months Market In A Minute Update!

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