San Juan County Faces Low Housing Inventory As Pandemic’s Demand For Rural Relocation Grows
Posted April 12, 2021 at 5:30 am by Hayley Day
San Juan County Dips 55% In Inventory, Grow 39% In Pending Sales
By Merri Ann Simonson, Managing Broker, Coldwell Banker San Juan Islands Inc
The first-quarter results for San Juan County and San Juan Island maintained the momentum that was present during last year.
As compared to the first quarter in 2020, the data for both the county and San Juan Island reflects an increase in volume and transaction numbers for the period ending March 31, 2021.
San Juan County’s dollar volume is up 52% with the number of transactions up 37%. San Juan Island’s dollar volume is up 46% with the number of transactions up 28%.
Coldwell Banker San Juan Islands Inc. is up 30% for the first quarter as well. The first quarter is always volatile and not necessarily a direct reflection of how the year will finish out.
However, we continue to note the demand from buyers desiring to relocate to rural areas, work from their homes and avoid the high-density metropolitan locations. The showing activity is normal for this time of year, but the inventory is critically low.
The client leads from the platforms such as Zillow, Trulia, and REALTOR.com are originating at a similar pace to last year, at this time.
As of April 5, the total inventory for the county is 212 for all types of properties, excluding business opportunities. Of that total, 84 are pending and in escrow.
Active listings of 128 equal a supply of less than two per month for the county. The total inventory on San Juan Island was 94 for all types, with 40 of those pending and in escrow.
The pending transaction numbers are up as compared to last year, same time and inventory totals are down.
The county is down 55% in inventory and up 39% in the number of pending transactions. San Juan is down 53% in inventory and up 66% in the number of pending transactions.
It has been very difficult for agents to originate new listings as many of our sellers do not have the ability to purchase in a new location.
Our typical seller is 65–85 years of age and desires to relocate to be closer to family members or near health facilities.
If they sell now, which may be the top of our market, many of the popular markets around Seattle are very challenging for buyers. The metropolitan areas have multiple offers with escalating prices and one needs to be a cash buyer with very few or no contingencies to be successful.
Read more at sanjuanislandslifestyle.com/blog.
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Categories: Real Estate