04/08/2020
I am frequently asked how the Covid-19 pandemic is affecting the real estate market. The Northwest Multiple Listing Service (NWMLS) has issued their report of sales activity for the month of March. As I studied the data, I realized it is too early to say statistically how the market is being affected.
Governor Inslee’s Stay at Home order did not start until March 23, giving less than 2 weeks effect on the March data. On March 28, the Governor modified the order for the real estate industry allowing homes to be shown to potential buyers as long as strict rules were followed to conform to social distancing guidelines. The decline in the number of showings, as measured by Key Box activity in the 23 county area of NWMLS, was dramatic. The week before the Governor’s order there were 35,305 showings by real estate agents. In comparison, the week of March 23rd following the Governor’s order there were only 17,117 showings, a 51.51% drop. Following the Governor’s modifications of the order for real estate, there was a modest uptick of 17% but the number pales in comparison to the usual number of showings before Covid-19 was even on the minds of Washingtonians.
There is confidence in the industry we’ll see more activity in the weeks to follow as sellers feel more assured the rules we now follow will protect them from infection and low interest rates entice buyers into the market.
In Mason County, the number of homes that came on the market in March was 13.6% higher than a year ago. As a measure of how much demand there is for homes, median price of homes sold in March was nearly 13% higher than a year ago at $286,000 compared to $234,995.
