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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.
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.
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.
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.
