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Education • Market Update • NWMLS Press Release •
July 13, 2021
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.
Education • Market Update • NWMLS Press Release • Uncategorized •
November 6, 2020
November 2020 Housing Market Update (NWMLS Press Release)
Anxiety among home buyers “incredibly high” as they vie
for unpreceded shortage of homes across much of Washington 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.
- active listings were down 40% compared to the same month last year
- pending sales were up 16% and closed sales were up 30% compared to last year
- interest rates remain historically low, offering increased affordability for buyers, which also comes at the cost of more buyers competing with each other
- Boeing’s announcement of layoffs has not shown any negative effect on the market so far
- areas outside King County are increasingly competitive and prices are rising, but still far below King County. The median price single family home in Snohomish county (excluding condos) sold for about $165,000 less than in King County (580,000 vs $745,000)
- open houses are permitted again with up to five visitors on the property at one time, in addition to the hosting broker
- condo buyers have less pressure in some parts of the market, with new listings 38% higher than last year at this time
To read the full press release, click here.
