Seattle Real Estate Market Update [February 2021] - Market in a Minute

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for February 2021. Your Market In A Minute Video, everything you need to know about the Seattle Real Estate market in 1 minute!!

If you watch 1 video this month about real estate, make it this one!

𝗧𝗼𝗽𝗶𝗰𝘀 𝘁𝘆𝗽𝗶𝗰𝗮𝗹𝗹𝘆 𝗰𝗼𝘃𝗲𝗿𝗲𝗱 𝗶𝗻𝗰𝗹𝘂𝗱𝗲:
King County, Snohomish County, Pierce County, Thurston County Real Estate Markets
► Seattle Housing Issues
► Seattle Real Estate News
► Seattle Realtor - Broker Trends
► Seattle Housing Market Forecast 2021

𝑷𝒂𝒏𝒅𝒆𝒎𝒊𝒄 𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒔 𝒏𝒆𝒘 𝒐𝒑𝒕𝒊𝒐𝒏 𝒇𝒐𝒓 𝒉𝒐𝒎𝒆 𝒃𝒖𝒚𝒆𝒓𝒔 𝒂𝒔 𝒎𝒂𝒓𝒌𝒆𝒕 “𝒌𝒆𝒑𝒕 𝒇𝒐𝒐𝒕 𝒇𝒊𝒓𝒎𝒍𝒚 𝒐𝒏 𝒕𝒉𝒆 𝒂𝒄𝒄𝒆𝒍𝒆𝒓𝒂𝒕𝒐𝒓”

– Home buyers who have been precluded from entering Puget Sound’s competitive market may want to consider condominiums as an option, according to industry experts who commented on the latest housing statistics from Northwest Multiple Listing Service.

“With the trend toward telecommuting and moving to outlying suburban areas, the Seattle/King County condominium market presents a new option,” suggested Gary O’Leyar, owner and designated broker at
Berkshire Hathaway HomeServices Signature Properties. Noting the county’s bigger supply of condos – 1.67 months of inventory versus 0.69 months for single-family homes – and a slight break from doubledigit appreciation, O’Leyar said buyers may want to take a closer look at this “window of opportunity.”

Northwest MLS director John Deely agreed, calling condos “one bright spot for buyers. They are more reasonably priced and there is more months of inventory than with single-family homes.” With interest rates so low, “buyers should definitely consider condos as an ownership opportunity and a way to build equity – especially if they’re currently renting,”

Of 4,432 active listings in the MLS system at the end of January, about one of every four offerings (1,051 units, or around 23.7%) was a condo, with the remaining 76% (3,381 listings) being a single family home.

In King County, where 76% of available condo inventory is located, NWMLS data show prices range
from $149,000 to $14,895,000, with a median asking price of $525,495. The median price for condos that sold in King County last month was $399,975; system-wide the median sales price was $359,950.

Single-family homes (excluding condos) had an area-wide median sales price of $509,950. That is
$150,000 more than condos (nearly 42% higher).

The NWMLS report covering 26 counties, shows a YOY increase in new listings of single-family homes and condos (up about 5.5%) and a jump of more than 16% in closed sales, rising from 5,074 transactions to 5,896. The median price for last month’s sales ($483,250) surged 14.3% from the year-ago figure of $422,750. Pending sales grew slightly from last year (less than 1%) but were up 7.4% from December.

This year’s “extraordinarily low inventory” (down 43% overall) suggests continued price growth into the spring as demand remains high and interest rates remain low, according to Young.

Kitsap County, where inventory is down 42% from a year ago, is experiencing pent-up demand from
buyers that want to move there or convert from being a renter, according to Frank Wilson at John L. Scott Real Estate. As a result, prices continue to creep up, rising more than 10% from a year ago. “While this is great for sellers, it really hurts housing affordability,” he stated.

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