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

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for October 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 2020

𝐍𝐨𝐫𝐭𝐡𝐰𝐞𝐬𝐭 𝐌𝐋𝐒 𝐛𝐫𝐨𝐤𝐞𝐫𝐬 𝐬𝐚𝐲 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫’𝐬 𝐡𝐨𝐦𝐞 𝐬𝐚𝐥𝐞𝐬 𝐫𝐞𝐚𝐜𝐡𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐥𝐞𝐯𝐞𝐥 𝐬𝐢𝐧𝐜𝐞 𝐉𝐮𝐧𝐞 𝟐𝟎𝟏𝟖

NWMLS brokers completed 10,175 sales transactions during September – the highest monthly volume since June 2018 when MLS members reported 10,072 closed sales. September’s closings also marked a jump of nearly 28% from the same month a year ago

The new report from Northwest MLS showed a sharp year-over-year (YOY) drop in inventory (down
43% from a year ago), a robust increase (23%) in pending sales (mutually accepted offers), and a sizeable surge (19%) in prices for single family homes and condos combined. Northwest MLS serves 23 counties, mostly in Western and Central Washington.

Whether last week’s announcement from Boeing to consolidate to a single 787 production location in South Carolina resulting in the loss of about 900 Puget Sound jobs will dampen home sales is unclear.

Supply continues to be inadequate to meet demand.

Brokers added 11,210 new listings to inventory during September, a healthy increase from a year ago when they added 9,435 for a YOY gain of 18.1%. Compared to August, the volume declined by 733 listings (down about 6%).

At the end of September, the supply totaled 9,099 active listings, well-below the year-ago selection of 15,982 listings (down 43%), and the lowest level since February

The median price for homes and condos that sold last month across the Northwest MLS market area was $499,950, a hefty 19% jump from the year-ago figure of $420,000. San Juan County had the highest median price at $850,000, followed by King County at $698,230.

For single family homes only (excluding condos), last month’s median price system wide was $519,864. In King County, the median price for single family homes was $753,600. Within King County, where NWMLS tracks 30 sub-areas, six of these areas had median prices over $1 million; five of those areas were on the Eastside.

One of the few counties that did not have double-digit price increases from a year ago was Kitsap. Prices there were up almost 8.9%.

Notably, the Seattle map areas tracked by Northwest MLS showed a modest 8.4% gain in active listings compared to a year ago, fueled by the addition of 527 listings of condos. That’s up from the year-ago total of 308. The median price for last month’s closed sales in Seattle (including single family homes and condos) rose 11%, from $684,500 to $760,000

#SeattleRealEstate #RealEstateMarket

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