Data Dive for Magnolia, Seattle

The NAR recently reported that the median US home price rose 8% year-over-year to $280,600 in March. While buyer demand has softened and sales fell 8.5% in March compared to February, the supply of homes on the market contracted even faster. Many sellers have withdrawn their properties from the market in recent weeks and those who were planning to list have held back. This may result in a rush of new listings once the fear around the markets subsides and more clarity emerges...or not. Some sellers may decide this is not the best time to sell, or simply change their mind about selling. Time will have to tell.

As shown in the numbers below for Magnolia the New Listings have dropped with 44% cause of the Covid-19. As always let us know if you have any questions or concerns. We are experiencing some anxiety from our clients about the value of their real estate. If you would like a free value estimate from us please let us know. We are here to help.