Post COVID-19 Bloodbath?
Hi there! Well the stats are in for the first full month of the "Stay Home, Stay Healthy" mandate which took effect March 26th, 2020. New listings were down just 19% over-all in Bremerton (ZIP codes 98337, 98310, 98311, and 98312.) 98337 was hit hardest: only 3 new listings came on the market in April--down a whopping 79% year over year. One of the largest geographical areas, 98312, fared much better: 73 new listings came on the market--or 99% of last year's volume.
The number of properties for sale was about 78% of the number in 2019. Remember that these numbers are measured through the last day of the month. So, it's possible that some properties were actually under contract, but hadn't been entered into the Northwest Multiple Listing Service database by April 30th.
Pending Sales were down 18% for the entire Bremerton area. Interestingly, they were down 42% in 98337, and only 2% in 98312. 98310 which includes Manette was down 32% from April 2019. The low number in 98337 is likely the result of the lack of inventory--not the lack of demand.
Remember that it takes an average of 4-6 weeks to close a real estate transaction. That time period expanded slightly as agents, inspectors, appraisers, and lenders scrambled to adjust to the new normal. Transactions closed in April began (for the most part) in February and March. Closed Sales is a lagging indicator. We'll have a better idea next month how prices and volume are being affected. Volume looks like it's down 30%, but part of that is probably due to the adjustment period. Closed Prices are reflecting 9% appreciation year over year. Is this going to continue or was this the peak? Stay tuned!