Facebook
Twitter
Pinterest
Copy Link
Education • Market Update • NWMLS Press Release •
February 9, 2021
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.
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.
