In many areas we are seeing new listings making a comeback, which is a welcomed sight for buyers encountering stiff competition. As the economy continues to open up at a steady pace, we anticipate more sellers will choose to list their homes. A number of homes for sale are perilously low, but the month-over-month jump in new listings was encouraging. However, it did not help overall inventory levels as they all sold too quickly! No wonder the number of closed sales is down – there’s hardly anything to buy.  Agents are reporting a lot of interest in outlying areas such as Bellingham, Bainbridge Island, Eastern Washington, Bend, Oregon and other destinations with recreational amenities that appeal to buyers who are able to work from home or take early retirement. As inventory diminishes in those areas, this trend may open up additional inventory in the Puget Sound region. The industry’s increased use of technology during “stay-at-home” directives, virtual transactions are becoming more common.

The reason of the rising interest in moving to suburban neighborhoods and to Central and Eastern Washington are more space, lower prices, and lower taxes. They have found they can accomplish most of their work and business from home. If we were not amid a pandemic and the restrictions on showings and public open houses, it seems like just another summer real estate market.

We continue to see price appreciation over last year as well as the all too common shortages of inventory. Buyers are wisely taking advantage of record low interest rates. Potential sellers might take note: If you have given any thought about selling, this may well be a particularly good time to do so! In a recent report, Housing Wire, a news portal for mortgage and housing professionals, indicated last week’s average rate for a 30-year fixed mortgage, at 3.07%, was the lowest in a Freddie Mac data series that goes back to 1971. Its Housing Recovery Index shows Seattle is among markets showing the greatest recovery.