The number of new listings added during March surpassed February’s total according to the latest NWMLS Market Update. March’s total pending and closed sales also topped February’s numbers as well. It is to be noted that March’s numbers do not yet reflect the impact that COVID-19 is having on the local real estate market.
Following updates to statewide orders and social distancing guidelines, brokers are now permitted to show properties by appointment only with no more than two people, including the broker. Despite limitations toward the end of March, there were nearly 10,300 new listings added to the NWMLS database during the month, with 9,418 active listings at month’s end.
April and May’s numbers are expected to show a decline as a result of Governor Inslee’s “Stay Home, Stay Healthy” order that went into effect on March 26. Economist Matthew Gardner described March’s data as “essentially irrelevant given the fact that the economy went into freewill during the month.”
In the meantime, buyers now have access to extremely low interest rates while sellers will experience continued low inventory as the number of new listings slows over the next couple of weeks.
Please reach out if you would like to chat about how COVID-19 is impacting the local real estate market. We are happy to answer any questions and help you with your real estate needs. Contact us today at contact@urbanash.com.
