Real Estate Market Reports & Trends
Real Estate Market Report & Trends Summary by Tim Gambrell
COLDWELL BANKER SAN JUAN ISLANDS, INC.
REAL ESTATE MARKET REPORT & TRENDS.
By Tim Gambrell, Designated Managing Broker.
Both San Juan Island and San Juan County had a very good first quarter in 2020. Both dollar volume and the number of transactions increased over the first quarter in 2019. San Juan Island enjoyed a 50% increase over 2019. While a month to month comparison is not as reliable as quarterly or yearly, for a variety of reasons, it is worth looking at this time.
The COVID-19 Virus was in place and had a dramatic impact on everyone in one way or another. Washington State was under the Stay Home Stay Healthy order from Governor Inslee. San Juan County closed lodging. The result was San Juan Island had 5 closings in April 2020 compared to 15 in April 2019. San Juan County had 14 closings in April 2020 compared to 27 in April 2019. However, as of May 1, 2020, San Juan Island had 28 Pending Transactions as compared to 18 on May 1, 2019. Again, monthly comparisons are less reliable in determining a trend, if any.
Additionally there are new guidelines for showing properties established by both Governor Inslee and the Northwest MLS. All showings are by appointment, only 2 people on a property including the Agent, social distancing must adhered to and mask are encouraged. With no lodging available, most buyers are bringing their own vehicles and driving separately from the agent and leaving the island the same day. It may be that the buyers that are willing to make same day travel and are accepting of the new guidelines, are very serious about purchasing at this time.
The increase in the last quarter of 2019 and the first quarter of 2020 indicates that there was increased demand for property in the San Juan’s. The increase in pending transactions indicates that buyers are not waiting for whatever the new normal may be, some are buying now. The inventory is slightly below 2019, demand remains strong, interest rates are very attractive and we are in a balanced market.
The market summary below indicates a steady market but only time will tell whether the virus has a strong or mild impact on sales in San Juan County throughout 2020.