While our lives are very different than they were a year ago, the local real estate market has recovered to 2019 levels. Record low interest rates are helping spur demand. Sales were up, home prices increased and multiple offers were common.
- The number of pending sales, a measure of current demand, was higher in June than for the same period a year ago.
- The supply of homes on the market remains very low, with just a month of available inventory. When inventory is this low, quick sales over full price are common. That was the case in June when about 40% of homes sold for more than the asking price.
- Home prices in King County rose 4% over a year ago. Snohomish County home prices increased 5%.
- More sellers put their homes on the market. While total inventory remains low, the number of new listings in June was similar to the same time last year.
The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for June are mostly reflective of sales in May. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
This post originally appeared on GetTheWReport.com
As King County enters Phase 2 of reopening, residential real estate services providers must follow a strict set of rules. These control how brokers may conduct business inside and outside their offices and homes for sale (listings).
Windermere has developed protocols for reopening that meet or exceed all of the state requirements. From the beginning of the shutdown, we have lived by the mantra “Go slow, do no harm.” This philosophy remains firmly in place during the current reopening phase.
Staying Safe: Inside a Listing
Pete Richmond, owner of Windermere’s Greenwood office, discussed how brokers and their vendors must follow strict guidelines when inside a listed home. “For safety reasons, we can’t allow more than three people – including ourselves – inside a listing at once,” Richmond said. He noted that all visitors must observe social distancing guidelines and that all activities inside a listing must take place by appointment only. “So we can’t host open houses, other than by virtual means like live-streaming,” he added.
During Phase 2, brokers and their vendors must wear face coverings at all times when inside a listing. Richmond pointed out that Windermere brokers are encouraged to provide masks, gloves, booties and hand sanitizer to each vendor or client entering a listing.
“Normally we’re required to leave a business card in every home we preview,” Richmond said, explaining that this obligation has been suspended during COVID-19. “We’re also no longer traveling in the same car as clients or colleagues,” he added.
Staying Safe: In the Office
Windermere offices in King County have moved to reopen and are operating under a strict set of guidelines that brokers and staff must follow.
Deanne Wilson, co-owner of Windermere East Inc., and Laura Smith, co-owner of Windermere Co., used the state’s Safe Start guide to establish a reopening plan for their 12 offices. “We’re doing everything possible to keep everyone safe by following the protocols established by the state,” Wilson said.
Windermere’s reopened offices have implemented numerous rules, including restrictions on the amount of people allowed inside at any one time. While staff are permitted in the office to perform essential functions, employees rotate between being onsite and working from home. Total occupancy may not exceed 50% during Phase 2. Visitors must have appointments to enter the office and must limit visits to 30 minutes.
Brokers and staff must observe social distancing at all times. They also must wear face coverings when entering and leaving the office, while in common areas, and whenever not working alone. Windermere kitchens are closed, office entry is required through the primary entrance only, and smaller conference rooms where social distancing is not possible have been closed.
Windermere offices are providing masks, gloves and hand sanitizer to brokers, staff, and the limited number of guests who enter. Many offices have installed sneeze guards to protect front office personnel. They have also installed sanitizing stations at entry points and in common areas. “We’ve even rearranged furniture to encourage social distancing,” Wilson said.
This post originally appeared on the GettheWReport.com Blog
As we move to the next phase of reopening, life feels like it’s slowly inching back towards normal. The same is true in real estate. Statistics on home sales in May provided the first true picture of the effects of COVID-19. Those reports confirmed the incredible strength and stability of the local real estate market.
- The Stay Home order, as expected, continued to impact the number of sales. However, the market is starting to move its way towards more normal activity. Pending sales, a measure of current demand, have risen every week since April.
- The slight drop in median closed sale price is a result of a proportionately larger number of lower priced homes selling than is normal. It should not be interpreted as a decrease in individual home value.
- There were significantly fewer homes for sale in May than the same time last year. With less than a month of available inventory, competition among buyers was intense. Bidding wars and all-cash offers were common.
The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for May are mostly reflective of sales in April. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here. As we adapt to new phases of reopening, know that the safety of everyone remains our top priority.
This post originally appeared on GetTheWReport.com