In Southwest King County, we are seeing buyer demand coming forward. Yet given the historically low interest rates, the local market needs additional listings to meet pent-up demand from the backlog of buyers.
Due to the COVID-19 situation, there were fewer new listings in April versus April 2019, which leads to fewer homes going under contract as well. However, you still need to be Buyer Ready to get a home in today’s market! The sales activity intensity of homes selling within the first 30 days is aligned with last year for homes priced up to $750,000. Up to $500,000, sales activity intensity is at intense and the $500,000 to $750,000 range is at surge.
Intensity Remains Strong for New Listings
SCALE: MONTHS SUPPLY
WE SUPPORT SOCIAL DISTANCING FOR SELLERS
Key Market Indicators – April Recap
Southwest King County Housing Update - Resale Only
Average % of
New Listings (Pending)
in the First 30 Days
Source: Mortgage News Daily
Unbelievable Interest Rates
If you’re in the position to sell right now, it’s a great time to sell and a great time to buy due to historically low interest rates. At John L. Scott, we’ve adjusted our approach with buyers and sellers to take full advantage of the technology to bring forward serious buyers while following social distancing guidelines with in-person tours. Our broker associates can also discuss viewing strategies to shorten the window of in-person tours, yet still secure the interest of qualified buyers for your home.
Please reach out if you’d like to learn more about our current strategies for sellers.