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November 2021 Housing Market Update (NWMLS Press Release)
Buyer hesitancy sidelines some while others compete for scarce housing inventory
*NOTE* – the data we are looking at is from the full month of October. 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:
- Brokers are detecting indecisiveness by some buyers who are getting mixed “work from home” messages from their employers.
- Coupled with cooler, wetter weather and increases in mortgage rates were likely factors in slower listing and sales activity during October.
- “While the overall slowdown in the market is seasonal and can be attributed to people being priced out of the market, as well as a slight uptick in interest rates, supply chain issues experienced with construction materials late this summer are beginning to normalize.”
- New listings were down 11.6% compared to the same month a year ago, and nearly 19% down compared to September.
- Inventory is still very tight and we are approaching our seasonal low in inventory as the year closes out.
- Across all the NWMLS, prices for single-family homes and condos are 15% higher than a year ago.
- “The trends provide a mixed message as to whether demand will return to the cities as quickly as anticipated. With millennials looking for value and increased opportunities to purchase a home in the suburbs, it could be an interesting few months as to whether the lifestyle of the city and employers can change the balance of demand back to the city.”
- Buyers may find some relief with condos, but inventory is down about 55% from a year ago.
To read the full press release, click here.
October 2021 Housing Market Update (NWMLS Press Release)
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.
September 2021 Housing Market Update (NWMLS Press Release)
Northwest MLS brokers say August activity follows patterns of seasonal slowing
*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:
- End-of-summer vacations and back-to-school prep caused a decrease in activity that reflects a normal seasonal pattern
- compared to July, August had fewer new listings, pending sales, and closed sales, lower median prices, and less overall inventory
- overall open house traffic dipped as well
- homes are sitting on the market slightly longer, but inventory is still low relative to demand
- prices are up year-over-year about 18.2%
- mortgage rates continue to be below 3%
- condo sales in King County are up about 20% compared to a year ago, which could mean buyers are choosing to move back to the city or getting priced out of buying residential homes
- luxury home sales continue to exceed expectations, with no signs of slowing
- nearly 15% of this year’s sales (through August) commanded prices of $1 million or more
To read the full press release, click here.
August 2021 Housing Market Update (NWMLS Press Release)
Home buyers are finding some relief, but Northwest MLS brokers say it is temporary
*NOTE* – the data we are looking at is from the full month of July. 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:
- New listings passed pending sales by a small margin.
- “August historically is the last month of the year with elevated levels of new listings before they slowly taper down in the fall and decline more substantially over the winter.”
- “There seems to be a bit of a leveling off from the market frenzy.”
- Prices continue to climb by double digits in all but a few counties.
- Advice to buyers: “Take advantage of this time before Labor Day and the fall market.”
- Advice to sellers: “Overpricing a listing in this market is still a big mistake.”
- Prices in suburban counties and along much of the I-5 corridor have increased sharply in the last two years.
- “With interest rates staying at historically low levels and less than a one-month supply throughout the region, the perfect storm for rising house prices will continue, but perhaps not as ferociously as before.”
- Building supply chain slowdowns and a scarcity of skilled workers has contributed to the lack of affordability.
- The pattern continues: low inventory and high demand from low interest rates.
To read the full press release, click here.
July 2021 Housing Market Update (NWMLS Press Release)
Market offers hope for homebuyers, but Northwest MLS brokers say it may be temporary
*NOTE* – the data we are looking at is from the full month of June. 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:
- number of active listings reached the highest level since November
- volume of new listings added last month was highest number in 17 months
- total active listings in Snohomish, King, and Pierce counties increased 14.5% from May
- “Low inventory and high demand coupled with low interest rates continue to drive up the market.”
- Snohomish County has the lowest inventory in the NWMLS, with inventory down more than 44% from a year ago
- “While pending sales saw a significant drop over this time last year, we believe that rather than that being an indication of a flattening of the market, this is a result of our extreme heat events, a typical summer slowdown as schools let out and people starting vacations, and, this year, the reopening of the country and discontinuation of COVID-19 restrictions.”
- well-priced properties are closing quickly
- across the NWMLS, the median sales price rose nearly 27% from a year ago
- “Generally speaking, July and August provide more opportunities for buyers as there is less competition because of vacations and fewer relocation buyers in mid-summer.”
To read the full press release, click here.
June 2021 Housing Market Update (NWMLS Press Release)
May marked a month of new records for some market indicators
*NOTE* – the data we are looking at is from the full month of May. 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:
- May’s inventory was down 46.6% compared to last year
- year-over-year median price is 30% higher than a year ago
- “Record low interest rates and job gains continue to drive the market, along with focused lifestyle changes”
- rising home prices are prompting buyers to drive farther north, south, and east to find affordable homes
- pending sales edged above the volume of new listings (high buyer demand has kept supply depleted)
- “Only a decrease in demand will moderate house price trends”
- “Frenzy-level buyer demand has not waned. The local market is still virtually sold out in the more affordable and mid-price ranges, as well as into the luxury ranges in some areas”
To read the full press release, click here.
April 2021 Housing Market Update (NWMLS Press Release)
Northwest MLS brokers say bidding wars, escalating prices, and buyer fatigue are widespread
*NOTE* – the data we are looking at is from the full month of March.
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:
- double-digit price hikes were widespread across the 26 counties included in the report
- pending sales (homes where the seller accepted an offer) surged 40.6%% compared to February
- while sales were up, there was a 55.9% decline in total active listings at the end of the month compared to last
- across the whole NWMLS, median prices surged 19.5% compared to a year ago
- prices rose in every county served by NWMLS, with seven counties reporting year-over-year price rises of 25% or more
- the local market is nearly sold out all the way up into luxury price ranges, not due to a lack of new listings, but because of high buyer demand
- with demand outstripping supply, prices tend to rise
- the Seattle area ranked second nationally (behind Phoenix) in home price appreciation for the past year
- mortgage rates and inflation are starting to go up, along with lumber costs, which will affect the costs of new construction
To read the full press release, click here.
March 2021 Housing Market Update (NWMLS Press Release)
Housing market stays hot despite some “lousy” February weather
*COVID UPDATE: open houses are allowed with up to 10 visitors practicing social distancing and wearing masks.
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:
- the market continues to be hot, with residential inventory tight and median prices rising year-over-year by double digits across most of the counties in the NWMLS
- total active listings of single family homes were down 44% from a year ago, mostly because homes are selling fast and few are staying on the market
- there is very little inventory sitting on the market unsold, except for the Seattle city core
- condo buyers will find a bit more selection, with inventory up almost 8% from a year ago, and median prices more stable compared to single-family homes
- sales in February were up 6.9% compared to January, which shows that neither the snow we had or the uptick in mortgage interest rates deterred buyers
- the average interest rate of a 30-year fixed-rate mortgage was 3.02% for the week ending March 4, still very low historically
- “The intensity we’re seeing should come down slightly as more available homes enter the market, but we have to play catch-up with pent-up buyer demand first”
To read the full press release, click here.
February 2021 Housing Market Update (NWMLS Press Release)
Pandemic presents new option for home buyers as market “kept foot firmly on the accelerator”
*COVID UPDATE: open houses are allowed with up to 10 visitors practicing social distancing and wearing masks.
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:
- the market “ignored the traditional winter slowdown and kept its foot firmly on the accelerator in January”
- homebuyers may want to consider condos as an option
- condos in King County have about 2.4 times the inventory of single family homes, which means the condo market is less competitive
- condo prices in King County were actually down about half a percentage point compared to the same time last year
- COVID-19 has likely been the cause of the rise of condo inventory, especially downtown and in business districts, as people choose to move farther away from urban areas in favor of more space
- there was a slight uptick in new listings in King, Pierce, and Snohomish counties last month
- demand is still very strong as evidenced by year-over-year price growth being well above long-term averages
- “The economics of scarcity are driving price sup at an unsustainable pace”
- “If interest rates weren’t historically low, buyers would be unable to afford the escalating cost of housing”
- low inventory (down 43% compared to last year) suggests continued price growth into the spring
To read the full press release, click here.
