We’re entering prime time for the real estate market, and more listings are on the way.

Figures for February show year-over-year (YOY) gains in new listings, pending sales, closed sales, and prices. Expect a bump-up in inventory during March and April, but we remain virtually sold out in many areas in the more affordable and mid-price ranges. It’s still too early to tell if the broadening effects of the coronavirus will sideline buyers. What we do know is that news of the virus led equity markets sharply lower and this caused mortgage rates to drop significantly.

Therefore, the question is whether buyers will put their search on hold until the virus has abated, or if they will decide to move forward so they don’t miss out on near historic low mortgage rates. It remains to be seen if the coronavirus scare will have any impact at all on the local real estate market other than to lower interest rates. While the news is full of COVID-19, the stock market correction, and an unexpected interest rate cut that didn’t impress Wall Street, the Puget Sound region’s real estate market continues to stand strong. Agents aren’t yet seeing any impact on open house attendance due to the COVID-19 outbreak.

We continue to be bullish on the Puget Sound economy and real estate market. There aren’t any noticeable decrease in open house activity or in sellers being reluctant to have buyers view their home. Short term, the coronavirus outbreak has resulted in investors turning to the bond market, which means lower interest rates and more buying power. Long-term, this virus could start to wear on overall consumer confidence, which is never good for real estate markets. Historically low interest rates should help the housing market sustain strong momentum during the coronavirus outbreak.