The latest stats from the Northwest Multiple Listing Service (NWMLS) are out and it's pretty much what we expected.... but maybe not what the Seattle Times article would lead you to believe.
The fundamentals of the Seattle and Eastside residential real estate markets are strong: Interest rates remain low; multiple offers continue in certain areas/price points; and pent-up buyer demand definitely exists.
The real estate market definitely took a pause in April, and that is reflected in the drop in (homes-for-sale) inventory, as some sellers chose not to bring their home on the market during the Stay at Home order.
The April Eastside market showed 23% fewer (new pended) sales from March, and 18% fewer for Seattle. (Year over year numbers: -48.4% and -38.9% respectively).
However, we are still seeing a high demand for homes.
Average Cumulative Days on the Market are around 17 days for both markets....down 37% for the Eastside and 39.3% for Seattle, from March; underscoring market velocity.
We're still advising SELLERS to be mindful of strategic preparation, pricing and presentation. It's critical to capture the attention of initial buyers who are quick to decide about whether to make an appointment for a private, in-person showing.
Because of the power and valuable influence of video (virtual) tours, homes which look their best (due to preparation) are commonly selling with just a few showings, full price and above. Sale Price to Listing Price ratios are above 100% for both markets, which is outstanding.
Homes which linger on the market tend to lose attention of motivated buyers and often attract a lower offer price. Getting it (presentation/price) right in the first 30 days is key!
For BUYERS, note that financing may take a bit longer so patience is key and plan ahead. We're happy to help match you with a great lender who knows how to navigate the new environment.
The spring market is off and running! We are uniquely positioned to help you to navigate the market ahead. Let us help you analyze the nature of your hyper-local real estate market and strategically prepare as a Buyer or a Seller.