The local real estate market is recovering so well from the statewide shutdown that it may soon have a hard time keeping up with itself.
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As we move to the next phase of reopening, life feels like it’s slowly inching back towards normal. The same is true in real estate. Statistics on home sales in May provided the first true picture of the effects of COVID-19. Those reports confirmed the incredible strength and stability of the local real estate market.
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As soon as Governor Inslee declared real estate an essential business, the engines started to rev again. Despite job losses and a nosedive in general consumer confidence and spending, home buyers started to jump back into the market.
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An analysis of weekly pending home sales tells a tale of three markets: Before the shutdown, the first weeks of the shutdown, and everything since.
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New jobs and low interest rates continue to fuel the housing market boom. While January is traditionally a slower month for activity, the new year saw steady buyer demand. With the number of sales exceeding new listings, all indicators point to a strong spring market.
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