According to Northwest MLS, local real estate market “experienced a bit of turbulence in late March” as the coronavirus crisis evolved, and Governor Inslee shut down real estate efforts entirely for a time. Realtors are still prohibited from holding open houses but are permitted to show and list homes now. That said, it’s under strict guidelines and there is not a lot of activity right now. However, despite the limitations, Northwest MLS brokers added 10,291 new listings to the database during March, up 31.2% from February and nearly matching the year-ago number. At the end of March, there were 9,418 active listings in the NWMLS database. Assuming we continue to “Stay in Place” and are able to stem the tide of the coronavirus, most experts expect the market to return over the summer months, in part due to phenomenal interest rates and because of the large tech presence in our area. April and May will be very quiet with some listings and sales happening, but not at nearly the rate we would expect for this time of year. None of us have a crystal ball so only time will tell, but there is reason to be optimistic. For example, even when the stock market might fall, real estate tends to hold its value making it an appealing investment for many. Stay tuned!
