21 May Puget Sound Real Estate Market Update – May 2020
The housing sales are down in the Puget Sound, but not for the reasons most people would assume. Here are some surprising market drivers hitting us as a result of COVID-19.
- Limited housing inventory – Compared to April 2019, the housing inventory was down almost 40%. The results from lower inventory mean that there were a lower number of sales.
- Average Days on Market are Almost Half Compared to 2019 – There are an increase number of buyers looking for homes. This increase in demand has some home offers going under contract within a day. The competitiveness among buyers has resulted in more competition, faster closings, and the average days on the market to drop.
- Average Price = 102% – On average, homes are selling above asking price.
For Sellers: If you are looking to sell, it is a great time to list. A seller will have more buyer competition since there are less homes on the market and an increase in the number of buyers.
For Buyers: If you are a buyer, it will be necessary to be “ready to buy.” Once you find a home, you will want to be ready to move fast for any pre-inspections or showings. You can find my buyer’s guide below to help you get started.
Real estate in the Puget Sound is in high demand. If you are ready to buy, sell, or find your investment property, I can help. To learn more and get started, TEXT-“Real Estate” to (206) 718-7015. Please include your name and your real estate questions or needs.