EducationMarket UpdateNWMLS Press ReleaseUncategorized November 6, 2020

November 2020 Housing Market Update (NWMLS Press Release)

Anxiety among home buyers “incredibly high” as they vie
for unpreceded shortage of homes across much of Washington state

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service, which provides housing market data for most of Western Washington.

  • active listings were down 40% compared to the same month last year
  • pending sales were up 16% and closed sales were up 30% compared to last year
  • interest rates remain historically low, offering increased affordability for buyers, which also comes at the cost of more buyers competing with each other
  • Boeing’s announcement of layoffs has not shown any negative effect on the market so far
  • areas outside King County are increasingly competitive and prices are rising, but still far below King County. The median price single family home in Snohomish county (excluding condos) sold for about $165,000 less than in King County (580,000 vs $745,000)
  • open houses are permitted again with up to five visitors on the property at one time, in addition to the hosting broker
  • condo buyers have less pressure in some parts of the market, with new listings 38% higher than last year at this time

To read the full press release, click here.