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Local Market Update – January 2021
The end of 2020 marked a most unusual year, and the real estate market was no exception. While homes sales usually take a holiday during December, this year saw the continuation of an exceptionally strong and competitive market. New listings, closed sales and home prices all went up. With supply nowhere close to meeting demand, the strong market is expected to extend into 2021.
Inventory continues to be the biggest challenge for buyers. While King County had a 62% increase in new listings compared to a year ago, homes were snapped up quickly, leaving the county with just over two weeks of available inventory at the end of the month. The supply of single-family homes was down 35% year-over-year. Buyers considering a condo had far more choices. Inventory was up 45%, but at about five weeks of available units the condo market is still significantly short of the four month supply that is considered balanced. Inventory in Snohomish County was even more strained, with the month end showing only a one-week supply of homes. At the end of December there were only 373 homes on the market in all of Snohomish County, a 63% drop from a year ago. With inventory this tight, it’s more important than ever for buyers to work with their agent on a strategic plan for getting the home they want.
Low inventory and high demand continued to push prices upward. The median single-family home price in King County was up 10% over a year ago to $740,000. Price increases varied significantly by area. Seattle home prices were up 10%. The traditionally more affordable area of Southwest King County, which includes Federal Way and Burien, saw prices jump 15%. And on the Eastside, the most expensive market in King County, home prices soared 17% — the largest increase of any area in the county. Home prices in Snohomish County rose 12% to $573,495, just shy of its all-time high of $575,000.
With 2021 ushering in a new record low for interest rates, and inventory at its tightest in recent memory, 2021 is expected to remain a very competitive market.
Windermere Chief Economist Matthew Gardner’s prediction: “As we move into 2021, I expect continued strong demand from buyers, but unfortunately, the likelihood that there will be any significant increase in inventory is slim. As a result, I believe prices will continue to rise, which is good news for sellers, but raises concerns about affordability. This, combined with modestly rising mortgage rates, could end up taking some steam out of the market but overall, I expect housing to continue being a very bright spot in the Puget Sound economy.”
The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
Local Market Update – October 2020
While daily life may seem unpredictable, the local real estate market remains extremely stable. Activity in September acted more like the traditional peak spring market with home sales soaring and prices hitting record highs. Inventory remains very tight and new listings are selling quickly in every price range.
There just aren’t enough homes on the market to meet demand. King County had about half the inventory of a year ago. Snohomish County had 63% fewer available homes. On the other hand, the number of condos on the market in King County jumped by 24% over last September. Brokers attribute the flood of new inventory to COVID remote workers looking to trade their in-city condo for more living space. Despite the increase in inventory, condo prices rose 8% in September and pending sales — the best indicator of current demand — shot up 36% over the same period last year.
The slim supply of single-family homes means bidding wars and all-cash offers were the norm, driving prices to record highs. King County saw the third consecutive month of record-setting values. The median home price hit $753,600 in September, a 14% jump over last year. Prices in Snohomish County soared 16% from a year ago to $569,997, just shy of its all-time high of $575,000. For both counties, half the homes sold for over list price in September as compared with just a quarter of the homes a year ago.
The market doesn’t show signs of cooling off any time soon. In September the greater Northwest area saw the highest number of transactions since June 2018. Pending sales were up 32% in King County and 29% in Snohomish County. Interest rates continue to be at historic lows. With the area posting some of the fastest population growth in the country, expect the market to stay unseasonably hot.
The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GettheWReport.com
Local Market Update – August 2020
While the pace of daily life may seem slow right now, the
local real estate market has had an unusually busy summer. The number of
new listings in July was up, sales increased, and home prices followed
suit.
• While overall inventory is at historic lows, more sellers put their homes on
the market. New listings of single-family homes in King County jumped more than
25% from a year ago. Snohomish County saw a 7% increase in new listings.
• Pent-up buyer demand fueled sales activity in July. The number of pending
sales was up 17% over a year ago in King County, and up 13% in Snohomish
County.
• With buyers snapping up new listings as soon as they hit the market, total
available inventory dropped to a 10-year low for the month.
• The lack of inventory is benefiting sellers, and multiple offers are now common
at every price point. As a result, single-family home prices rose 7% in King
County and 15% in Snohomish County.
The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
Local Market Update – July 2020
While our lives are very different than they were a year ago, the local real estate market has recovered to 2019 levels. Record low interest rates are helping spur demand. Sales were up, home prices increased and multiple offers were common.
- The number of pending sales, a measure of current demand, was higher in June than for the same period a year ago.
- The supply of homes on the market remains very low, with just a month of available inventory. When inventory is this low, quick sales over full price are common. That was the case in June when about 40% of homes sold for more than the asking price.
- Home prices in King County rose 4% over a year ago. Snohomish County home prices increased 5%.
- More sellers put their homes on the market. While total inventory remains low, the number of new listings in June was similar to the same time last year.
The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for June are mostly reflective of sales in May. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
Local Happenings – November & December 2019
NOVEMBER EVENTS:
Seattle’s Beaujolais Nouveau Wine Festival
November 22nd
Beaujolais Nouveau wine is released at midnight each year on the third Thursday of November. Its arrival as the first wine of the harvest sparks worldwide celebrations. We host simultaneous events in Seattle and in Portland on the third Friday of November to commemorate this special tradition. Both events take place on November 22, 2019 this year.
LEARN MORE HERE
Enchant Mischievous
November 22nd – 29th
A world of Christmas wonder awaits as Enchant, The World’s Largest Christmas Light Maze & Market moves inside T-Mobile Park, November 22 – December 29, 2019.
Surrounded by millions of dazzling lights, the memories you make will last well beyond the holiday season. Get lost in the world’s largest light maze. Take photos around the largest Christmas tree the surrounding area. Glide around the ice-skating trail or waltz through the Enchant Christmas Market.
Free admission for children ages 3 and under.
LEARN MORE HERE
Seattle Musicians Access to Sustainable Healthcare
November 22nd – 29th
Seattle, WA., October 1, 2019, Seattle Area non-profit SMASH – Seattle Musicians Access to Sustainable Healthcare – announced their second annual benefit concert, a tribute to the music of Neil Young. SMASH is a nonprofit organization dedicated to keeping the Northwest’s music community healthy by providing health education, advocacy, and access to preventative healthcare. SMASH’s 2018 benefit was a great success and featured the first reunion by Seattle legends Mother Love Bone in over 8 years. The event received kudos from publications like Rolling Stone and Stereogum.
LEARN MORE HERE
GeekCraft Expo Seattle
November 29th
GeekCraft Expo Seattle is a 2-day event being held from 29th November to 1st December 2019 at the Hangar 30 in Seattle, United States. This is a handmade crafts market specializing in handmade, geek-themed crafts of all kinds such as clothing, accessories, toys, home decoration, furniture, art.
LEARN MORE HERE
DECEMBER EVENTS:
Where to see holiday lights in and around Seattle
Throughout December
If you’ve lived around Seattle for a while, you know that, between our high longitude and endless cloud cover, our winters are extremely dark. But there’s an upside: We put up twinkle lights early and often, with many a street tree glowing by the end of October, even before the holiday lights season.
LEARN MORE HERE
76 Seafair Holiday Cruise
December 8th
This heartwarming event takes to the water as independent boaters and charter operators volunteer their boats, crews and time to host approximately 1,500 intellectually disabled guests on a special holiday cruise on Lakes Union & Washington. Over 200 boats will be decked out in lights and holiday cheer at various docks and yacht clubs. Once on board, guests are treated to a snack and beverages provided by Safeway – Albertsons and participating boat owners and skippers. Guest also enjoy entertainment, gifts and visits from Santa Claus as they cruise for two hours through the Montlake Cut to Lake Washington. Simultaneous cruises take place in Bremerton, Tacoma and Olympia.
LEARN MORE HERE
This post originally appeared on GetTheWReport.com
