Welcome to June! It was announced Friday June 5th that the Washington State Secretary of Health has accepted Whatcom County’s application to move into Phase 2 of the Washington’s Safe Start Plan. You can read a broad explanation of what that means here, below are a few key changes:
Allows you to have 5 unrelated people inside household
Restaurants can open to 50% capacity (with no bar seating)
Real Estate, Nail Salons, and Barbers can open
I will go into further detail as to what this means specifically for my business and the real estate world.
BACK TO THE DATA
New Listings for both 2019 and 2020 increased over the last week. This is a typical, healthy trend as we get further into the spring market!
115 → 133 in 2019
69 → 86 in 2020
Below is an accounting of all of the active listings in our three major markets, along with all of the sales that went under contract from 5/30 to 6/5/20 (pulled around Noon PST) and the percentage relationship between those numbers.
Numbers are still holding steady. If I had to guess I would say we will see our Under Contract Sales % creep up as everyone gets more comfortable moving into phase 2!
The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and went under contract between 5/30/20 and 6/5/20. “Days on Market” indicates the length of time a property was active on the market before the seller accepted an offer.
As in a normal market there is some fluctuation week-to-week in the DOM for under contract sales. It will be interesting to see if the “Difference in Days” changes at all as we move into Phase 2!
% 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 paying attention to here is how the % difference is changing from week to week to see how COVID-19 may be affecting the offer price that homes receive.
Yet again, Lynden is having homes go under contract that are priced higher than the average home in the area. Bellingham had some lower priced homes go under contract this week that brought an 11% change!