Real estate news for May 2020
Almost two months after the Stay Home order began, real estate sales data is suggesting a check-mark-shaped recovery locally. ✔
New listings were down last month by nearly 40%, though, so it may be a while before things return to "normal."
Sellers, let's get your home listed if this is your year--the yard will never look better than it does now and buyers are hungry for inventory! Here's your reminder about the five things we tell every client to do before selling their home.
Buyers, be patient--more listings are coming and rates are still at historic lows.
The supply of homes for sale is still well below 2019 levels, but as precautions improve and virus concerns diminish, inventory will recover. With so many sellers opting to wait and see what happens with the pandemic, I expect we'll see the selling season (which normally peaks in May) shifting later in the summer. So hang in there, buyers--listings are coming!
While headlines warn of a shift away from dense urban areas as a result of the Coronavirus, I expect the benefits of city living will prevail. But if enough companies follow Twitter's approach and allow workers to work from home permanently, we may see Seattle workers move to more affordable mid-size cities like Portland.
West Seattle update
It's been about 8 weeks since the West Seattle bridge was suddenly closed, but it's still early to identify any major repercussions. April sales data mostly included transactions that took place in March, but the forthcoming May data will tell a more complete story. So far, the bridge news doesn't appear to have harmed the WS housing market too badly. This could all change when people go back to work and face the realities of commuting again.
Make no mistake: West Seattle = perfect for telecommuters! :)
For now, pending sales are rebounding as well as new listings. In April, the median number of days it took West Seattle homes to sell was down to just 5 (previously 8 days in March). I've been tracking new listings and pending sales since the start of the year, and I think we'll see these numbers slip in the months ahead.
