March Market Snapshot

Many were curious to see how the typically robust spring real estate market would be impacted by the Coronavirus pandemic. Like many sectors of the economy, residential real estate experienced disruption and uncertainty just when things were ramping up.

As guidelines for essential workers evolved, the market virtually paused for a few days, but then took off again after real estate guidelines and practices were adjusted to support social distancing. Despite the changes, housing activity around Western Washington in March showed the volume of new listings added during the month surpassed February’s total, as did both pending and closed sales. Year-over-year prices increased.

While most of the region’s residents are able to hunker down in their current homes, others are relying on real estate as an essential service because housing is essential. There are still new residents moving into our state (even during this uncertain time), those who already had contracts signed to sell their current home, and those that need to take advantage of the equity in their home.

Please find a full market snapshot below and always, reach out to our team with any questions you may have.