December 2020 Housing Market Update (NWMLS Press Release)

Northwest MLS brokers say real estate activity across Washington remains strong

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:

buyer demand remains strong, while inventory is too low to satisfy the demand
buyers must be ready to compete, and they need the right search and offer strategies
more activity than there normally is this time of year
across the MLS, the number of sales is up about 23% compared to a year ago
prices are up about 14% from a year ago
inventory is down about 43% compared to last year
inventory for Seattle condos is actually up about 61% compared to last year, with prices rising almost 9%
mortgage interest rates hit their lowest level for the 14th time this year, currently at 2.71% for a 30-year fixed-rate mortgage
the so-called “COVID Effect” is causing buyers to want more space, inside and outside, for working and schooling from home

To read the full press release, click here.