Last April I wrote a blog giving my prediction for what might happen post-Covid.
Little did I (or anyone else) know that we would still be dealing with the pandemic nine months later. In no way could I have predicted the incredible changes to the real estate market this virus has caused.
To give you an example…San Juan County had 12.6 months of inventory in January 2020 and by April that number was almost 14 months. Washington was under the governor’s order to “stay at home” and this county had virtually shut its doors with the health officer closing down all vacation rentals and non-essential traffic. On May 23rd, San Juan County got approval to move into Phase 2 and it was like the flood gates opened! It seemed as if everyone who’d been cooped in their homes for three months decided that if restrictions were going to continue, they didn’t want to be trapped in the city. If they had the means, now was the time to make a move…
Suddenly our phones were ringing and sales were happening everywhere! Homes that had been on the market for a year or more were selling with multiple offers. Prices started rising, inventory began dropping and by the end of December, there were only 2 months of inventory left in the county. Skagit, Whatcom and Island county were seeing the same phenomenon and currently, there is very little residential property available and its definitely a seller’s market. The chart below shows what our market experienced last year.
Will the demand continue? I don’t know but it’s certainly changed the demographics for the islands and this area of Washington. I think we’re all wondering what 2021 will bring and what our lives will look like post-COVID. I hope I can blog about it soon….
Until then, please stay healthy and wear your mask. 😀