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

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for September 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

𝐖𝐨𝐮𝐥𝐝-𝐛𝐞 𝐡𝐨𝐦𝐞𝐛𝐮𝐲𝐞𝐫𝐬 𝐡𝐚𝐯𝐞 𝐦𝐨𝐫𝐞 𝐛𝐮𝐲𝐢𝐧𝐠 𝐩𝐨𝐰𝐞𝐫, 𝐛𝐮𝐭 𝐚𝐥𝐬𝐨 𝐦𝐨𝐫𝐞 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐦𝐞𝐚𝐠𝐞𝐫 𝐢𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲

Extremely low interest rates mean would-be home buyers have more buying power, but sparse inventory and increasing home prices in many parts of Washington state are leaving many buyers unable to take advantage of these attractive rates, reported broker Frank Wilson upon reviewing the latest statistical report from Northwest Multiple Listing Service.

The August report from Northwest MLS, which covers 23 counties, shows pending sales surged nearly 25% from a year ago, rising from 10,602 mutually accepted offers to last month’s total of 13,224. Within the four-county Puget Sound region encompassing King, Kitsap, Pierce and Snohomish counties, brokers reported 9,179 pending sales. A review of MLS records dating to January 2002 shows that volume was surpassed only once, in May 2017 when brokers notched 9,188 pending sales.

At the end of August, the Northwest MLS database included 9,591 total active listings, down almost 43% from a year ago when the selection totaled 16,697 listings. With pending sales (13,224) outpacing new listings (11,943), the months of inventory continues to shrink. Area-wide there is less than one month of inventory (0.97). Nine counties had under a month’s supply. Four-to-six months is a common indicator of a balanced market, according to industry experts.

“Many buyers are bidding up their offers. We are also seeing some of the highest historical numbers of contingent offers,” added Leach, a member of the Northwest MLS board of directors. He also noted builders are scrambling to get projects approved. “Builders were looking for some relief from the COVID shutdown and a quick startup only to be faced with runaway prices on building materials and supplies which has caused delays in delivering new homes on time.”

With an insufficient supply, prices are appreciating at double-digit rates in most counties in the NWMLS report. Systemwide, for last month’s closed sales, prices increased nearly 14% compared with a year ago. Member-brokers reported 9,847 closed sales, up more than 4.8% from a year ago.
That volume was the highest since June 2018 when there were 10,072 completed transactions.

In the four-county Puget Sound region year-over-year (YOY) prices jumped 17%, from $500,000 to
$585,000.

“We continue to see a flurry of activity in a market that has not allowed the pandemic to have a continued effect,” observed Mike Grady, president and COO at Coldwell Banker Bain. “Case in point: in January, the median sales price for the entire NWMLS was $422,750 and it is now $490,000 – a 15.9% surge in eight months. At the same time, we have nearly half as many months of inventory now than April – just four months ago (0.97 vs. 1.75). “The competition for buyers continues to be relentless, but luckily, much lower interest rates offer some relief.”

#marketupdate #nwmls #seattlerealestate

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