Who would have thought, when the pandemic hit, that our real estate market would go absolutely crazy a few months later? At the end of June, in Snohomish County, we have less than 1 month of inventory. This are historic numbers. As is the average sales price…hitting a historic high.
Do you want a definition of a hot real estate market? Last month in Snohomish County, 39% of the homes that sold did so above the list price, with an average market time of 6 days. And an additional 20% sold for full list price. That is a combined 59% of the properties that sold for at least full price.
The culprit…lack of inventory. Last year we thought the inventory was low. One year later (June of 2020) the inventory is about half of what it was in Jun of 2019. How does this get fixed? There is no easy answer. Some don’t want to sell because they have no place to go…and many sellers won’t accept a contingent offer. Others do not want to move now because of the pandemic…the risk of having people enter their homes who might not be healthy. And many just stay in their houses longer than they used to.
But also, interest rates are also at a historic low level. This is pushing buyers who were on the fence to get in the game…low interest rates allow you to have more purchasing power on the same income. Thus, the amount of multiple offers we are seeing.
So many in the public are concerned about who has the best real estate app. We at Windermere Real Estate want to make sure we have the best real estate professionals to help you with the process. An app or a Windermere professional…it’s an easy choice.
I hear from many of our agents that many of their buyers are waiting for the prices to plummet before they purchase a home. With unemployment at such a high level and so many people losing their small businesses, the housing market just has to go down.
Let’s look at the numbers in Snohomish County for the month of May. Out of the 701 homes that sold, 46.6% of them sold for OVER list price, with an average market time of 6 days. And another 32% sold at the listed price. That, my friends, is the definition of a hot market.
One of the best indicators of a real estate market is by looking at the pending sales. For the month of May, pending sales were up 7.9% to last year…and a whopping 61.6% higher than the month of April. While the number of listings are down, those that put there homes on the market are selling…and fast.
In less than one month, Windermere Real Estate, through the Windermere Foundation, raised and donated $690,000. This money is given to organizations that provide food to local foodbanks throughout the state. The need during this time of crisis, is greater than ever. Please support your local foodbanks.
Windermere’s highest priority has always
been our unwavering commitment to the
communities where we work, live, and play.
As the COVID-19 pandemic continues to develop,
we are following recommendations from public
health officials and government agencies to
ensure we are helping reduce its impact.
Ensuring that our agents, office staff, and clients
are safe and healthy is our top priority.
Over the past few weeks, we have seen
countless examples of our agents and offices
embodying what it means to be All In, for you.
We are finding creative ways to connect during
this time of social distancing, we are donating time
and money to those in need, we are adapting so
that our agents can continue to help their clients
move their lives forward in these uncertain times.
Everyone in the Windermere family is here
to support and assist you through COVID-19
and beyond. We wish you all good health.
All in, for community
All in, for you.
A few interesting real estate stats from last month in Snohomish County. Pending sales were down almost 25% from a year ago, but so were new listings. The sales ratio really didn’t change. The # of days on market actually dropped significantly from a year ago and the average sales price rose by about 5%. So, is the market soft or slowing down? Is this a bad time to sell? I would say the answer to both is NO. You can see more info on specific cities on our website.
Windermere Real Estate, the largest regional real estate company in the western U.S. with more than 300 offices in 10 states, is challenging its brokers, franchise owners, staff members to raise money for food banks heavily impacted by the coronavirus.
This community initiative, called “Neighbors in Need,” takes the place of Windermere’s annual Community Service Day, a 35-year company tradition. Every June, Windermere closes its doors and its 9,000-member team volunteers in local neighborhoods.
“There is one constant in this pandemic and it’s that people who struggle with poverty are having difficulty getting their most basic needs met,” said Christine Wood, executive director of the Windermere Foundation. “So, our mission at Windermere is to help our local food banks keep their shelves stocked and food on the table through our ‘Neighbors in Need’ fundraising campaign.”
Between now and May 5, the Windermere Foundation is matching every dollar its offices raise, up to $250,000, with the goal of donating at least $500,000 to food banks in the communities where Windermere operates. In the greater Seattle area, those dollars will go to Food Lifeline, Northwest Harvest, and Second Harvest, which then distribute food to hundreds of food banks across the state.
Launched last week, the fund has raised more than $211,000 from brokers, clients and other businesses.
“We hope this will inspire other companies to do this too,” Windermere Vice President Shelley Rossi said. “We know we will exceed our goal. This heartwarming and humbling.”
The Windermere Foundation has raised more than $41 million since 1989 for nonprofits that help low-income and homeless families.