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

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for January 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

"𝑬𝒙𝒕𝒓𝒂𝒐𝒓𝒅𝒊𝒏𝒂𝒓𝒚 𝒎𝒂𝒓𝒌𝒆𝒕 𝒄𝒐𝒏𝒅𝒊𝒕𝒊𝒐𝒏𝒔" 𝒔𝒖𝒔𝒕𝒂𝒊𝒏 𝒔𝒕𝒓𝒐𝒏𝒈 𝒉𝒐𝒎𝒆 𝒔𝒂𝒍𝒆𝒔 𝒂𝒓𝒐𝒖𝒏𝒅 𝑾𝒂𝒔𝒉𝒊𝒏𝒈𝒕𝒐𝒏 𝒔𝒕𝒂𝒕𝒆 𝒅𝒖𝒓𝒊𝒏𝒈 𝒉𝒐𝒍𝒊𝒅𝒂𝒚𝒔

“Insatiable buyer demand” is keeping inventory scarce as house hunters try to outmaneuver and outbid each other, according to reports from NWMLS. Its statistical summary for December showed strong activity throughout the holiday season with double-digit increases in new listings, pending sales, closed sales, and prices.

NWMLS brokers added 5,260 new listings to inventory during December, a hefty 39.3% increase over the same month a year ago. Last month’s additions fell short of meeting demand as members reported 6,883 pending sales (mutually accepted offers). That number surpassed the year-ago volume by 940 transactions for an increase of 15.8%.

Pending sales were especially robust in several counties where year-over-year (YOY) gains of 25% or greater were notched, notably Grant (up 133%), Kittitas (up 55%), and Pacific (up nearly 43%).

At month-end, there were 4,732 total active listings system-wide in the MLS database, which
encompasses 25 counties. That’s down 44% from a year ago when the selection included 8,469 listings. Measured by months of inventory, there is only about two weeks of supply (0.53 months) overall. Only five counties had more than a month of supply, well below the four-to-six months of supply used by housing analysts as a gauge of a balanced market.

Home prices continue to rise. For the 9,008 sales of single-family homes and condos that closed last month, prices jumped nearly 12.2% from a year ago, increasing from $435,000 to $488,000. Only three counties (Ferry, Okanogan, and San Juan) reported year-over-year price drops, while nearly all other counties had double-digit gains, according to the NWMLS report.

Single-family homes accounted for most of the price escalation. For the 7,848 closed sales of this property type, prices increased nearly 12.9%. YOY prices on the 1,160 closed sales of condos rose about 1.8%.

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