It’s encouraging to see new listings are now popping onto the market. Spring may be coming after an extra-long winter market. The impacts of COVID-19 were not seen all at once. It took a little while for things to really slow down.
There were a few weeks in early March when no one really knew what to do and how the business of buying and selling real estate was going to work out. But we received guidance, as did the title and escrow folks, and the lenders. We learned how to get deals closed that were under contract, even as new transactions were on ice for a couple weeks.
And now…inventory is starting to bloom again!
| Active Listings | Kitsap County |
| 5/20-5/27 | 62 |
| 5/13-5/20 | 49 |
| 5/6-5/13 | 39 |
| 4/29-5/6 | 20 |
Summer is the New Spring
It’s beginning to look a lot like March now. I mean, usually March (or late February) is when the spring market really starts cranking in the PNW. We are late, but the party isn’t over. It’s just getting started. Multiple offers are back. Offer review dates are back.
Sellers are…not back yet. Totally understandable for those still occupying a home. Bonus points if there are kids that must be home schooled, and work that needs to be done. (Home school while #WFH is no joke, people). It’s already hard enough to keep an occupied home in showing condition, much less in the Time of COVID.
What’s Next?
Keep watching here. The stats below are live and will be updated in just a few days with May’s numbers. Looking for different stats, like average price per square foot, or the numbers for your area? Just ask Megan.
While getting jumbo loans remains tricky and lenders are verifying employment before funding loans, deals are still very much happening in the Great PNW. Especially while interest rates remain at near-record lows. I see that V-shaped recovery coming to a housing market near you very soon.