Covid-19 Weekly Market Update # 7

A PLAN TO MOVE FORWARD

It’s already May! It almost seemed like April would never end, but we made it! Good job, team!

Friday, May 1st, Governor Inslee announced that the Stay Home Order would now be extended past the previous deadline of May 4th to May 31st. The state will be opened back up slowly in a 4 phase series. As part of Phase 1, Governor has eased up some restrictions on outdoor recreation, construction and elective surgeries. If you’re wanting to get out to enjoy nature and get some fresh air, here’s a great article from The Mountaineers about how to recreate responsibly.

On that note, it’s still not business as usual – no open houses, only serious homebuyers touring, all showings by appointment only regardless of occupancy (vacant or occupied), showings limited to two people on a property (broker and client) with proper social distancing, and most everyone is sporting a mask.

BACK TO THE DATA

April 25-May 1, 2019 had a big jump in homes on the market! 30 more homes last year, while this year is still staying pretty steady right around 60. As I said last week, with an exceptions of this year, it’s pretty typical to see Active homes increase on a weekly basis in the spring.

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) and the percentage relationship between those numbers.

The number for Under Contract homes in Lynden dropped by half over the last week!

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.

Lynden again is the note-able one: pended some homes this week that have been on the market for a while- 134, 242, and 314 days, to be exact! That’s why the number for is almost 4 times higher than last week for ADOM in Lynden!

% 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.

Bellingham and Ferndale in each category are not far off from the week before, but we’re looking at you, Lynden. With two houses pending over $700k, your percent difference is up 59%!