EducationMarket UpdateNWMLS Press Release October 7, 2021

October 2021 Housing Market Update (NWMLS Press Release)

NWMLS Northwest Multiple Listing Service

Northwest MLS brokers report gains in new listings, closed sales, prices versus year ago

*NOTE* – the data we are looking at is from the full month of August. The NWMLS comprises 26 of Washington’s 39 counties, mostly in the western part of the 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:

  • September’s housing market remained “very active” to “frenzied” around Washington state.
  • “Historically low interest rates continue to drive the real estate market.”
  • Low inventory is still a problem for buyers. Total active listings are nearly 15% lower than they were a year ago.
  • King County had the sharpest decline in inventory for single-family homes, down 32.5% compared to a year ago.
  • King County prices increased about 6.7% compared to last year, much lower than nearly all the “outer suburban” counties along I-5 which posted increases of 15% or more.
  • “With decreases in active listings in King and Snohomish counties, price pressure may increase in urban areas of the region as people return to the city for work.”
  • As people start returning to the city, Seattle-area condos, which were negatively impacted by COVID-19, have been reporting consistent increases in both sales and prices. However, Seattle-area condo inventory is about half of what it was a year ago.
  • Buyers continue to migrate to suburban markets like Shoreline, Lake Sammamish, Auburn, Skyway, Woodinville, and Burien, likely because housing is more affordable than in areas closer to Seattle and Bellevue.
  • A single-family home that sold in King County last month had a median selling price of $825,600, while for condos it was $466,501.
  • Prices are beginning to level out and the market is slowing down, as is typical this time of year.
  • Buyers may find less competition this time of year because of the weather and holidays.

To read the full press release, click here.