The real estate market in Washington remains strong. Many brokers are conducting virtual showings for clients and hosting virtual open houses for potential buyers. In addition to property photos, many listings have virtual tours where potential buyers can view videos and even remotely "walk-through" the property. Brokers are also continuing to conduct in-person showings, while remaining cognizant of social distancing recommendations. Over the last 24 hours in King County, 159 listing went pending. Meaning mutually accepted offers were agreed upon. In addition, 29 listings sold and 45 homes either came to or were put back on the market.

Within the Puget Sound region, only King County reported a gain; closed sales there were up about 7% from a year ago, with condo closings surging more than 20%. System-wide, closings were nearly even with a year ago (6,735 versus 6,750), a reflection of strong activity at the start of the year. Median prices on last month’s completed transactions rose 10.3% from a year ago, increasing from $415,950 to $458,900. Only two counties (San Juan and Ferry) reported year-over-year price drops.

The use of virtual showings and web site viewings are experiencing record traffic as potential buyers utilize today’s advanced, remote viewing tools. The good news is that it’s a great time now for both buyers and sellers. Buyers have access to extremely low interest rates and those sellers in the market are motivated. For sellers, the continued low inventory and expected slowing of new listings over the next few weeks means their homes can be seen now like never before. With social distancing guidelines in place, buyers and sellers can take advantage of historically low interest rates in the mid-threes. With inventory shortages in many price ranges, the focus remains on each new listing. Though our business practices have adjusted, we’re seeing sales activity starting to pick back up. The Puget Sound was in a strong position when COVID-19 hit and will be set to flourish again once this situation has passed. Mortgage rates have been making some unusual moves over the past few weeks and are highly likely to retest historic lows in the next few months. Real estate professionals across all markets have stepped to the plate providing resources to their clients and the public at large in a time when there is so much noise and misinformation.

Although the stock market has certainly created and affected great wealth, real estate investment provides tangible value with shelter, comfort and places to conduct our business enterprises. The inherent benefits and qualities of real estate ensure long range value and provide tangible proof of its place in our economy as an alternative gold standard

Note On March 17, in accordance with an emergency declaration by Gov. Inslee limiting the size of public gatherings. Brokers were urged to restrict in-person engagements and advised that limited personal interactions to show properties when necessary were permitted by appointment only with no more than two people, including the broker. Additionally, those two persons must strictly follow CDC (Centers for Disease Control and Prevention) social distancing guidelines.