Chris D Smithson
Chris Smithson

April 2020 Home Market Summery

Market Reports for Washington State, Whatcom & Skagit Counties 

While the stock market recovered significantly in March, the effects of COVID19 to the economy continue to build. In just the last four weeks, more than 20 million people filed initial unemployment claims according to the United States Department of Labor, fueled by a stay at home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real estate activity in April slowed significantly.

Closed Sales decreased 29.6 percent for Residential homes and 39.6 percent for Condominium homes. Pending Sales decreased 27.1 percent for Residential homes and 42.2 percent for Condominium homes. Inventory decreased 26.6 percent for Residential homes and 14.6 percent for Condominium homes.

The Median Sales Price increased 7.0 percent to $467,500 for Residential homes and 4.2 percent to $375,000 for Condominium homes. Days on Market decreased 28.6 percent for Residential homes and 42.4 percent for Condominium homes. Months Supply of Inventory decreased 26.3 percent for Residential homes and 10.5 percent for Condominium homes.

While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.

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About Chris Smithson

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Chris Smithson


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