October 2020 Housing Market Update (NWMLS Press Release)

September’s home sales reached highest level since June 2018

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 closings marked a jump of nearly 28% from the same month a year ago
  • inventory is down 43% from a year ago
  • pending sales are up 23% from a year ago
  • prices for single family homes and condos combined are up 19% from a year ago
  • it’s too soon to make any predictions about how Boeing’s announcement to move 787 production to South Carolina away from Everett will affect the Snohomish County housing market
  • supply continues to be inadequate to meet demand
  • in King County, the median sale price for single family homes was $754,600 (median means half sold for more, half sold for less)

To read the full press release, click here.


Posted on October 9, 2020 at 10:45 am
Evan Richards | Posted in Education, Market Update, NWMLS Press Release | Tagged , , , ,

August 2020 Housing Market Update (NWMLS Press Release)

Opportunities abound for home buyers and sellers, but brokers say “don’t delay”

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

  • pent-up demand from homebuyers meant inventory remained tight
  • pending sales jumped nearly 14% from a year ago
  • inventory remained well below the level from last year (down about 39%)
  • interest rates at historical lows mean buyers can get much more for their money (many buyers are getting rates at under 3%)
  • depleted inventory means multiple offers in just about every market and at every price point
  • the need for housing outweighs the fears of coronavirus
  • suburban lifestyle continues to draw buyers especially with remote work becoming more common
  • with low inventory, prices continue to increase, but inventory looks to be inching up
  • demand will continue to far outstrip supply for quite a while
  • King County median price for homes and condos up 7.2% from a year ago to $670,000

To read the full press release, click here.


Posted on August 7, 2020 at 10:54 am
Evan Richards | Posted in Market Update, NWMLS Press Release | Tagged , ,

February 2019 Seattle Market Report

Heating Up!

Stats for the Seattle real estate market for February 2019 are out, so here’s the market update condensed into some highlights.

  • Pending sales are down about 14 percent compared to February 2018.
  • Inventory in Seattle rose from January to 1.8 months (0-3 months of inventory is considered a seller’s market).
  • Median prices increased compared to January but were still down compared to February 2018.
  • Median sale prices in Seattle:
    • residential – $730,000 (down 6% compared to Feb 2018)
    • condo – $444,000 (down 14% compared to Feb 2018)
    • combined – $690,000 (down 3% compared to Feb 2018)
  • 47% of homes took a price cut before selling, with 20% selling above list price. Compare that to February 2018 when only 14% took price cuts before selling and 64% sold over the asking price!
  • We are seeing more homes go under contract than new homes coming on the market.
  • We are seeing more offer review dates.
  • Homes that are priced well are getting multiple offers.

As we continue towards the spring market (the busiest time of year for buyers and sellers), I think we’ll see a lot of buyers taking advantage of low interest rates but they may be competing for homes due to the limited choices.

If you’d like to see market update graphs that are updated each month, check out the¬†market update¬†section of my website.

 


Posted on March 11, 2019 at 3:54 pm
Evan Richards | Posted in Market Update | Tagged , , , , , , , ,