Q: Why Was June 2020 a Noteworthy Month for Real Estate?

Here’s some great news about the market as we finish July.

Our inventory is currently nearing record lows, which is a driving force in our market. No less important is the fact that interest rates are below 3% for the first time in over 30 years. To put this into perspective, my dad’s interest rate for the house I grew up in was 19%! When that loan readjusted to 15%, he was ecstatic. When I spoke with him last week, he simply couldn’t believe rates were below 3%. It gives buyers more purchasing power than ever. 

Believe it or not, June 2020 was the best real estate month for our region in the past 12 months! More real estate sold this past June—in the middle of a pandemic—than had been sold in any month over the past year. At 1:45 in the video above, you can check out a montage of market stats for King County real estate in June 2020. Here are just a few takeaways: 

• 30-year mortgage interest rates: 2.875% 
• Days on market is at 21
• There is only 1.2 months of inventory
• The average sales price is $882,560

If you have any questions regarding these market stats, please give me a call or send an email my way. Also, don’t forget to click the links I’ve provided to search the MLS, get a home valuation, or explore our featured listing. As always, I’m here to be a resource for you. I look forward to hearing from you soon!