In early April, the number of new listings dropped 46 percent in comparison to April 2019. At the start of COVID, the market was hurting as buyers decided to put the buying process on hold. According to NWMLS data, pending sales were off by 43 percent in mid-March.
The total number of active single-family home listings was down 46 percent in June in comparison to June 2019 but new listings for the first week of July were 25 percent higher compared to the year before, with pending sales up 32 percent.
According to recent Caliber statistics, loan applications are up 139 percent compared to last year. Refis are up 295 percent!
Because many are working from home, most kids are not in daycare or are schooling remotely, we are seeing more people living under the same roof which is resulting in a surge for larger homes with more personal space and yards.
Windermere’s Chief Economist, Matthew Gardner, predicts a strong summer market which normally we would find to be slower with less buyers out looking and sellers more focused on vacation.
To read the full Puget Sound Business Journal article, click here.