Seattle Real Estate Market Update [November 2020] - Market in a Minute

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for November 2020. 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

𝘼𝙣𝙭𝙞𝙚𝙩𝙮 𝙖𝙢𝙤𝙣𝙜 𝙝𝙤𝙢𝙚 𝙗𝙪𝙮𝙚𝙧𝙨 “𝙞𝙣𝙘𝙧𝙚𝙙𝙞𝙗𝙡𝙮 𝙝𝙞𝙜𝙝” 𝙖𝙨 𝙩𝙝𝙚𝙮 𝙫𝙞𝙚 𝙛𝙤𝙧 𝙪𝙣𝙥𝙧𝙚𝙘𝙚𝙙𝙚𝙣𝙩𝙚𝙙 𝙨𝙝𝙤𝙧𝙩𝙖𝙜𝙚 𝙤𝙛 𝙝𝙤𝙢𝙚𝙨 𝙖𝙘𝙧𝙤𝙨𝙨 𝙢𝙪𝙘𝙝 𝙤𝙛 𝙒𝙖𝙨𝙝𝙞𝙣𝙜𝙩𝙤𝙣 𝙨𝙩𝙖𝙩𝙚

The NWMLS report recapping October activity showed a 40% drop in active listings compared to the same month a year ago, an increase of 16% in pending sales (mutually accepted offers), and a year-over-year (YOY) jump of nearly 30% in closed sales. The median price of single-family homes and
condominiums that sold last month was $500,000, up 19% from the same period a year ago, according to the MLS summary, which encompasses 23 counties, mostly in Western and Central Washington.

“Sellers are struggling, too,” Beeson said. “They worry they’re leaving money on the table by accepting an offer within days of their property coming on the market,” he remarked, adding, “But brokers know that in this market, if a seller doesn’t receive an offer within a short time after the property is listed, the home is most likely overpriced.”

NWMLS members added 10,428 new listings to the supply during the month, improving on the year-ago total of 8,394 for a gain of 24%. In keeping with the pattern of previous months, October’s 11,039 pending sales surpassed the number of new listings.

Area-wide the median price for last month’s sales of single-family homes (excluding condos) was $515,000, a 20.2% jump from a year ago. For single-family homes and condos combined, prices rose by double digits in 21 of the 23 counties in the MLS market area. The highest median prices for homes and condos that sold last month were in San Juan County at $705,000 and in King County at $685,000. Those two counties also had the highest median prices for single-family homes (excluding condos). In San Juan County the price was $753,250, while in King County it was $745,000.

Condo shoppers are less pressured in some parts of the market. System-wide, inventory is up about 5.4% compared to twelve months ago, aided in part by the addition of 1,589 new listings during the month – a healthy 37.6% YOY improvement. At month end there was about 1.5 months of supply.

Pending sales of condos jumped nearly 35%, while area-wide closings nearly doubled from a year ago, rising from 950 transactions to 1,414. Prices were up slightly more than 14%. The overall median price on last month’s sales was $395,000. In King County, which accounted for nearly six of every 10 sales (58.7%), the median price was $459,970, which reflects a 19.5% increase from this time a year ago.

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