MyProTeam Covid-19 Week Six Update

A Plan to Move Forward Hard to believe we’ve been paying attention to the numbers for 6 weeks already.  I’m thankful the number of COVID-19 cases in Washington State continues to decrease and we are starting to see a light at the end of the tunnel!

Our family has been enjoying lots of time outdoors.  Tell me, what have you and your family been doing?

BACK TO THE DATA This last week of 2020 compared to the same week of 2019 only saw a New Listings difference of 34 homes. The bigger difference from last week to this week was actually in 2019 (87 > 94), It is typical to see the number of listings increase week by week as we go through spring- NOT this year. We are staying pretty steady around 60 new listings a week.  I don’t have a crystal ball, but I expect these numbers to go up as our State begins to open back up!

UNDER CONTRACT  Below is an accounting of all of the active listings on the market in our three major markets along with all of the sales that went under contract from 4/18/20 to 4/24/20 (pulled around Noon PST Friday) and the percentage relationship between those numbers. The % is hovering right about the same for all areas, but there were more pendings in each area this week than since week 1!

ADOM  The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and that went under contract between 4/18/20 and 4/24/20. “Days on Market” is how long the home was active on the market before the seller accepted an offer. For the second week in a row, the Under Contract numbers for Ferndale dropped again from 45 to 28 (they were at 65 two weeks ago). It appears there are buyers waiting for homes to come on the market in Ferndale- many homes are pending very quickly after they are listed.

% PRICE DIFFERENCE  The last set of data below is the average prices of the active listings and the average prices of the homes that went under contract last week. What we are mostly paying attention to here is how the % difference is changing from week to week to see how COVID-19 might be affecting the offer price that homes receive. More lower than higher-priced homes seem to be pending in the Bellingham and Ferndale areas. Lynden, on the other hand, is still seeing higher-than-average priced homes pend.