Pandemic presents new option for home buyers as market “kept foot firmly on the accelerator”
*COVID UPDATE: open houses are allowed with up to 10 visitors practicing social distancing and wearing masks.
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service, which provides housing market data for most of Western Washington:
- the market “ignored the traditional winter slowdown and kept its foot firmly on the accelerator in January”
- homebuyers may want to consider condos as an option
- condos in King County have about 2.4 times the inventory of single family homes, which means the condo market is less competitive
- condo prices in King County were actually down about half a percentage point compared to the same time last year
- COVID-19 has likely been the cause of the rise of condo inventory, especially downtown and in business districts, as people choose to move farther away from urban areas in favor of more space
- there was a slight uptick in new listings in King, Pierce, and Snohomish counties last month
- demand is still very strong as evidenced by year-over-year price growth being well above long-term averages
- “The economics of scarcity are driving price sup at an unsustainable pace”
- “If interest rates weren’t historically low, buyers would be unable to afford the escalating cost of housing”
- low inventory (down 43% compared to last year) suggests continued price growth into the spring
To read the full press release, click here.