Although the real estate market is showing the effects of the economic slowdown due to the Coronavirus, it is surprisingly busier than expected. And despite the decline in inventory compared to this time last year, the ratio of properties that went under contract versus new listings held steady at 50% and the number of sales year-to-date are nearly identical.

March ended with 55± homes on the market. At the end of April, there were 53± homes for sale. There were 31 new listings, 16 of which went under contract. Additionally, 15 homes already on the market went under contract for a total of 31 (see below). There were 22 sales that closed in April at a median sales price of $835,000 with an average market time of 33 days.

Comparatively, at the end of April last year, there were 73± homes for sale, 43 homes that went under contract, and 37 closed sales at a median sales price of $893,000 with an average market time of 51 days.

Year-to-date, there have been 88 closed sales at a median sales price of $921,000. Compared to the same period last year, there were 87 closed sales at a median sales price of $855,000, essentially the same volume with a 7.7% increase in the median sales price.

Here are the 31 homes that went under contract in April:

Information and statistics derived from Northwest Multiple Listing Service.

Despite this unprecedented time, our local real estate market is growing. The housing inventory is still modest, but on an upward trend. The current stay at home order allows real estate agents to show homes, but with limitations. Next month’s update will reflect the first full month of impact in our area from the Coronavirus.

February ended with 38± homes on the market. At the end of March, there were 55± homes for sale. There were 47 new listings, 17 of which went under contract. Additionally, 7 homes already on the market went under contract for a total of 24 (see below). There were 27 sales that closed in March at a median sales price of $1,100,000 with an average market time of 83 days.

Comparatively, at the end of March last year, there were 44± homes for sale, 40 homes that went under contract, and 13 closed sales at a median sales price of $1,110,000 with an average market time of 65 days.

Year-to-date, there have been 66 closed sales at a median sales price of $942,500. Compared to the same period last year, there were 50 closed sales at a median sales price of $842,500, a 32% increase in volume and 11.87% increase in the median sales price. (Note: the median price is skewed by such a small sample size so early in the year.)

Here are the 24 homes that went under contract in March:

Information and statistics derived from Northwest Multiple Listing Service.

The housing inventory is still limited.

January ended with 35± homes on the market. At the end of February, there were 38± homes for sale. There were 31 new listings, 16 of which went under contract. Additionally, 8 homes already on the market went under contract for a total of 24 (see below). There were 19 sales that closed in February at a median sales price of $950,000 with an average market time of 62 days.

(Comparatively, at the end of February last year, there were 51± homes for sale, 12 homes that went under contract, and 18 closed sales at a median sales price of $677,000 with an average market time of 65 days.)

Here are the 24 homes that went under contract in February:

Information and statistics derived from Northwest Multiple Listing Service.

January historically hosts the lowest inventory of the year. At the end of December, the number of homes for sale was 42± and today there are 35±. Last year at this time there were 40± homes for sale. In the month of January this year there were 24 homes that went under contract and 20 closed sales that sold at a median sales price of $762,250 with an average market time of 76 days. This compares to January 2019, where there were 15 homes that went under contract and 19 closed sales with a median sales price of $799,000 and an average market time of 81 days. There were 19 new listings in the month of January, 10 of which are under contract/sold.

Here are the 24 homes that went under contract in January:

“Information and statistics derived from Northwest Multiple Listing Service.”

The housing inventory continues its normal seasonal decrease.  At the end of November, the number of homes for sale was 62+/– and today there are 42+/-.  Last year at this time there were 45+/- homes for sale. In the month of December this year there were 13 homes that went under contract (24 in November) and 26 closed sales (26 also in November) that sold at a median sales price of $807,500 and an average market time of 48 days. This compares to December 2018 where there were 17 homes that went under contract and 25 closed sales that sold at a median sales price of $1,195,000 and an average market time of 55 days. Through the end of December, there have been 391 closed sales that sold at a median sales price of $920,000 and an average market time of 44 days. Compared to the same period last year, there were 419 closed sales at a median sales price of $905,000 and an average market time of 40 days…. a 6.7% decrease in volume and a 1.7% increase in the median sales price this year. There were 6 new listings in the month of December, 3 of which are under contract/sold.

Here are the 13 homes that went under contract in December:

“Information and statistics derived from Northwest Multiple Listing Service.”

The housing inventory is continuing to dip from last month which is typical for this of year.  At the end of October, the number of homes for sale was 74+/– and today there are 62+/-.  Last year at this time there were 57+/- homes for sale. In the month of November this year there were 24 homes that went under contract (30 in October) and 26 closed sales (38 in October) that sold at a median sales price of $1,049,000 and an average market time of 68 days. This compares to November 2018 where there were 22 homes that went under contract and 19 closed sales that sold at a median sales price of $842,500 and an average market time of 49 days. Through the end of November, there have been 365 closed sales that sold at a median sales price of $920,000 and an average market time of 44 days. Compared to the same period last year, there were 392 closed sales at a median sales price of $898,250 and an average market time of 39 days…. a 7% decrease in volume and a 2.4% increase in the median sales price. There were 20 new listings in the month of November, 8 of which are under contract/sold.

Here are the 26 homes that went under contract in November:

“Information and statistics derived from Northwest Multiple Listing Service.”

The housing inventory is stable from last month.  At the end of September, the number of homes for sale was 80+/– and today there are 74+/-.  Last year at this time there were 76+/- homes for sale. In the month of October this year there were 30 homes that went under contract (36 in September) and 38 closed sales (34 in September) that sold at a median sales price of $1,027,000 and an average market time of 32 days. This compares to October 2018, where there were 30 homes that went under contract and 36 closed sales that sold at a median sales price of $1,130,000 and an average market time of 43 days. Through the end of October, there have been 338 closed sales that sold at a median sales price of $919,500 and an average market time of 42 days. Compared to the same period last year, there were 372 closed sales at a median sales price of $900,000 and an average market time of 39 day; a 9% decrease in volume and a 2% increase in the median sales price. There were 39 new listings in the month of October – 12 of which are under contract/sold.

Here are the 30 homes that went under contract in October:

“Information and statistics derived from Northwest Multiple Listing Service.”

The housing inventory is stable from last month.  At the end of August, the number of homes for sale was 78+/– and today there are 80+/-. Last year at this time there were 86+/- homes for sale. In the month of September this year there were 36 homes that went under contract (45 in August) and 34 closed sales (38 in August) that sold at a median sales price of $789,000 and an average market time of 43 days. This compares to September 2018, where there were 31 homes that went under contract and 33 closed sales that sold at a median sales price of $888,500 and an average market time of 38 days. Through the end of September, there have been 300 closed sales that sold at a median sales price of $914,000 and an average market time of 40 days. Compared to the same period last year, there were 336 closed sales at a median sales price of $885,993 and an average market time of 38 day; an 11% decrease in volume and a 3% increase in the median sales price. There were 41 new listings in the month of September, 22 of which are under contract/sold.

Here are the 36 homes that went under contract in September:

“Information and statistics derived from Northwest Multiple Listing Service.”

The housing inventory is decreasing from the yearly high summer season levels. At the end of July, the number of homes for sale was 108+/– and today there are 78+/-. Last year at this time there were 91+/- homes for sale. In the month of August this year there were 45 homes that went under contract (36 in July) and 36 closed sales (43 in July) that sold at a median sales price of $1,034,500 and an average market time of 39 days. This compares to August 2018; where there were 37 homes that went under contract and 55 closed sales that sold at a median sales price of $880,000 with an average market time of 37 days. Through the end of August, there have been 264 closed sales that sold at a median sales price of $920,000 and an average market time of 40 days. Compared to the same period last year, there were 303 closed sales at a median sales price of $885,000 and an average market time of 38 days; a 13% decrease in volume and a 4% increase in the median sales price. There were 24 new listings in the month of August, 12 of which are under contract/sold.

Here are the 45 homes that went under contract in August:

“Information and statistics derived from Northwest Multiple Listing Service.”

The housing inventory is increasing from its historically low levels. At the end of June, the number of homes for sale was 110+/– and today there are 108+/-. Last year at this time there were 88+/- homes for sale. In the month of July this year there were 36 homes that went under contract (38 in June) and 43 closed sales (47 in June) that sold at a median sales price of $848,000 and an average market time of 32 days. This compares to July 2018; where there were 50 homes that went under contract and 47 closed sales that sold at a median sales price of $959,500 and an average market time of 32 days. Through the end of July, there have been 228 closed sales that sold at a median sales price of $919,500 and an average market time of 40 days. Compared to the same period last year, there were 248 closed sales at a median sales price of $887,500 and an average market time of 38 days; with an 8% decrease in volume and a 3.5% increase in the median sales price. There were 52 new listings in the month of July; 20 of which are under contract/sold.

Here are the 36 homes that went under contract in July:

“Information and statistics derived from Northwest Multiple Listing Service.”