Market Insights: May 2020
New Home sales saw a big jump in May. With more cities gradually reopening local businesses and interest rates at an all time low, confidence in the market is making a comeback. Additional time at home and several businesses rethinking in-office versus work from home hours is shaping the future for several working families. Home features that may not have been important before (more dedicated, private spaces, including an office) are making their way to the top of the must have list for new buyers in the market place.
Below is a graph provided by Alan L. Pope & Associates showing Inventory in Blue and Net Pending Sales in Red over a period of time in King County for Residential and Condominium Units. In May, there were 3,467 Units and 3,358 Net Pending Sales. Currently in King County, there is 1.03 months of inventory, making it a Sellers Market. Click here to view the entire graph.
Interest rates are also at an all time low! Check it out below. Resource: FreddieMac