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

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for August 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

Opportunities abound for home buyers and sellers, but brokers say “don’t delay”

Brokers added the largest monthly number of new listings during July since May 2019, but pent-up demand from homebuyers meant inventory remained tight, according to Northwest Multiple Listing Service (NWMLS) representatives who commented on the latest housing activity report.

The Northwest MLS report for July, which covers 23 counties in Washington state, shows brokers added 12,514 new listings during July, up from the year-ago total of 11,193 for a gain of 11.8%. Pending sales jumped nearly 14%, while inventory remained well below year-ago levels (down about 39%). Measured by months of inventory, the system-wide supply slipped to about a month (1.04 months).

MLS member-brokers reported 9,840 closed sales during July, up slightly more than 3% from a year ago and the highest volume since June 2018 when they notched 10,072 completed transactions. Overall prices on those sales, which include single family homes and condominiums, jumped 12.8% from twelve months ago, rising from $429,900 to $484,995. Prices on single family homes (excluding condos) surged 13.6% (to $499,950), while year-over-year (YOY) condo prices rose about 8.6% (to $380,000).

King County continues to have the highest median price for homes and condos at $670,000 (up 7.2% from a year ago), but a look at that county’s 29 map areas covered in the report shows price changes ranging from an increase of 21.6% in North Seattle to a 17.4% decrease in the Bellevue area west of I405.

"July was great month,” Grady concluded. “The trend we’re seeing foretells stronger results going
forward for the next three months, especially in the context of the slowdown we experienced in April and May.”

Leach reported builders are frustrated at not having the inventory to meet current demand and
“tradespeople are strained to meet the construction needs.” He also noted more and more buyers are making buying decisions based on virtual tours and cautioned buyers, “If you see something that piques your interest, don’t delay!”

#marketupdate #housingmarket

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