Impact of Coronavirus in Seattle Area Real Estate Market

The Unites States, and more specifically the Seattle area, is currently in the midst of a rapidly spreading virus COVID-19, the novel Coronavirus.  A senior care facility in Kirkland is the epicenter for the majority of casualties reported in the United States thus far.  The past few weeks we have seen businesses and government entities take increasingly restrictive measures in an attempt to stop the spread.  Investors are experiencing a challenging period with the dramatic losses and wide ranging swings in equity value. For the Seattle and Puget Sound area real estate owner and those wishing to buy, these recent events may require an assessment of strategy moving forward.

If you are a Puget Sound area real estate owner, you are still sitting at a record peak in sales and sale price with double-digit increases in property and home value each year for the past decade or so. If you are thinking of or wanting to sell, this is a superb time to put your home on the market.  The Seattle market has affected values throughout western Washington state including Skagit and Whatcom counties to the north.

If you are someone wanting to buy a home in the Seattle area real estate market, things are still very competitive and buyers must have a strong and proven strategy to navigate a successful purchase. It is not an easy market for a buyer right now with the median price of a home in the city of Seattle to be in the mid $700,00s.

Colleagues and business owners have told us it is too early to tell and to what extent the closures and slow downs will do to the local economy and real estate sales specifically. Most agree this is an ideal time to sell in the Seattle area market.  We can keep you informed of the latest market statistics in your neighborhood.