housing — Blog — The Sessoms Group

Q2 Market Report

Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and to ensure our clients better understand the real estate market. The second quarter of 2020 was framed by a very different real estate landscape as Washington’s stay-at-home order was in effect for the majority of this period. The data across these market areas reflects fewer homes on the market year-over-year likely because of this, and while median prices and buyer demand varied more, it was a seller’s market.

10 Reasons Why Now Might be the Right Time to Buy

Just when the market was expected to enter busy spring season, the coronavirus pandemic shocked the world. The impacts of this pandemic have caused uncertainty across all sectors of the economy and the housing market is no exception. Many home buyers who were ready to make their move are now sitting on the sidelines wondering if now is the right time. While each market has responded differently, we have seen numerous reasons in our local market in the greater Seattle area that now is the right time to buy.

If you’ve been considering purchasing a home, read on to learn about some of the reasons that it would be better to make your move now instead of wait, and learn what recent events and trends could mean for your home search.

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.

November Favors Home Sellers

November surprised the real estate market with a strong favor for home sellers. The Northwest Multiple Listing Service (NWMLS) released data on the month of November which showed a 7% year-over-year increase in pending sales. This increase across King, Pierce, and Snohomish County jumps to 9.2% when considering mutually accepted offers.