05/21/2020
Hey everybody, I thought I'd provide a brief overview of how a couple of our local real estate markets have reacted to the lockdown since there seem to be a few general misconceptions about how our markets have been affected.
The graph below shows median sales prices, month over month since January of 2019, of King County (orange), Snohomish County (green) as well as the entire NWMLS (which covers western Washington).
While there are countless local markets within each county, prices have generally stayed high in both King and most of Snohomish county. This is due to the fact there have been increasingly fewer listings and a large pool of buyers looking to take advantage of record low interest rates (one of the lenders I work with got a fellow agent's client in at a 2.9% mortgage rate). This is still indicative of a seller's market, but with so many sellers wanting to hold off until some lockdown procedures ease up we will likely see a gradual increase in inventory which will lead to less competition for buyers, which will present an opportunity for those looking to buy with less competition.
If anyone would like more detailed information or has plans to buy or sell any real estate anytime soon I'd be more than happy to assist you with your real estate needs. I'll be posting more frequently in the future to keep you all in the loop as developments continue. Thanks!
