Seattle Real Estate Market Update [June 2020] - Market in a Minute

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for June 2020. Your Market In A Minute Video, everything you need to know about the Seattle Real Estate market in 1 minute!!

If you watch 1 video this month about real estate, make it this one!

𝗧𝗼𝗽𝗶𝗰𝘀 𝘁𝘆𝗽𝗶𝗰𝗮𝗹𝗹𝘆 𝗰𝗼𝘃𝗲𝗿𝗲𝗱 𝗶𝗻𝗰𝗹𝘂𝗱𝗲:
King County, Snohomish County, Pierce County, Thurston County Real Estate Markets
- Seattle Housing Issues
- Seattle Real Estate News
- Seattle Realtor - Broker Trends
- Seattle Housing Market Forecast 2020

𝐇𝐨𝐮𝐬𝐢𝐧𝐠 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐲 𝐢𝐧 𝐖𝐞𝐬𝐭𝐞𝐫𝐧 𝐖𝐚𝐬𝐡𝐢𝐧𝐠𝐭𝐨𝐧 𝐬𝐡𝐨𝐰𝐬 𝐫𝐞𝐬𝐢𝐥𝐢𝐞𝐧𝐜𝐲 𝐚𝐬 𝐛𝐮𝐲𝐞𝐫𝐬, 𝐬𝐞𝐥𝐥𝐞𝐫𝐬 𝐚𝐧𝐝 𝐛𝐫𝐨𝐤𝐞𝐫𝐬 𝐚𝐝𝐣𝐮𝐬𝐭 𝐭𝐨 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐫𝐞𝐬𝐭𝐫𝐢𝐜𝐭𝐢𝐨𝐧𝐬

“The market has proved to be very resilient,” remarked NWMLS Service director Mike Larson upon reviewing the statistical report for May. “Buyers in Pierce County stepped on the gas last month after a brief, but significant, tap of the brakes in April,” added Larson, the president, and designated broker at ALLEN Realtors in Lakewood.

Despite the economic downturn and disruptions stemming from the coronavirus pandemic, Northwest MLS member-brokers reported impressive improvement from April to May on some key indicators. The volume of new listings, including single-family homes and condominiums, rose 29.2% and pending sales jumped more than 44% systemwide.

Not surprisingly, year-over-year comparisons showed sharp declines. The number of new listings fell
nearly 33%, total active listings plummeted nearly 36%, pending sales declined 13.5%, and closed sales dropped about 35%. Prices remained in positive territory, rising about 2.3% from a year ago.

“The resiliency of the market is amazing,” remarked Dean Rebhuhn, owner of Village Homes and
Properties in Woodinville. “I didn’t think I would miss open houses until they could not happen,” he said, referring to limitations on in-person interactions. “The pandemic may be causing buyers to move farther out, wanting to get some space and a useable yard.” Amenities such as parks and trails are also important in current homebuying decisions, he added.

Brokers and homebuyers alike seem to be adjusting to restrictions imposed on the real estate industry because of the coronavirus pandemic.

“The local real estate market is hot, but it looks different than it traditionally does,” remarked J. Lennox Scott, chairman, and CEO of John L. Scott Real Estate. “The constraint on available inventory makes it feel like we’re running out of homes to sell.”

Brokers added 9,871 new listings to the MLS database during May, which compares to 14,689 for the same period a year ago. At month-end, the selection included 10,357 active listings; that volume was 5,766 fewer than the year-ago total of 16,133.

Stated another way, at the end of May there was 1.74 months of supply across the 23 counties served by NWMLS. Inventory levels ranged from 1.1 months of supply in Thurston County to more than 8 months in San Juan County. Within the four-county Puget Sound region, supply ranged from 1.2 months in Pierce County to 1.74 months in King County.

The NWMLS report shows 10,389 pending sales during May, improving on April’s total of 7,207 (up
44%), but down about 13.5% from the year-ago total of 12,006.

NWMLS members completed 5,957 transactions during May, a slight improvement from April’s total of 5,866. When compared to a year ago, however, the number of closed sales, at 9,153, marked a decline of about 35%.

The median price on last month’s closed sales was $449,950 across the NWMLS coverage area. That compares to the year-ago figure of $440,000 an increase of about 2.3%.

Five of the 23 counties in the report had year-over-year price drops: Ferry (-30%), King (-2.8%), Kittitas (-2.95%), Pacific (-12.8%), and San Juan (-17.8%). The biggest increases were in Okanogan County (30.3%) and Grays Harbor County (15.7%).

#marketupdate #markettrends

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