With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is
NWMLS Market Report June 2021
Dated: July 19 2021
✨The latest market update from NWMLS is out and has discussed that "The number of active listings at the end of June, 6,358, reached the highest level since November when buyers could choose from 6,505 properties. The volume of new listings added last month was the highest number in 17 months (13,111 last month versus 14,689 at the end of November 2019)."
✅ Total closed sales for both residential homes and condos went up 31.4% during June 2021 compared to last year.
✅ Median closed price for these sold residential homes and condos are also up by 26.7% higher than last year's numbers.
✅ Total dollar value for the homes sold went up as by 66% as compared to June 2020
✅ At the current rate of how homes are being sold, it would only take about two weeks (0.59 months) to sell every home that is active in the NWMLS inventory
"Homebuyers will be happy to hear that between May and June the number of listings in King, Pierce, and Snohomish counties rose, giving them more homes to choose from and possibly easing the pressure just a little," remarked Matthew Gardner, chief economist at Windermere Real Estate.
For the tri-county area, total active listings of single family homes and condominiums increased 14.5% from May. System-wide, the report covering all 26 counties served by Northwest MLS shows month-to-month inventory improved 14.9%.
While pending sales saw a significant drop over this time last year, we believe that rather than that being an indication of a flattening of the market, this is a result of our extreme heat events, a typical summer slowdown as schools let out and people starting vacations, and, this year, the reopening of the country and discontinuation of COVID-19 restrictions.
James Young, the director of the Washington Center for Real Estate Research at the University of Washington, said the decline in active listings volume suggests homes are selling and closing very quickly once listed. He noted that while listing levels for June were higher than two years ago, pending and closed sales are much higher. "This indicates that well priced properties are closing very quickly."
Lennox Scott concurred. "Many homes are going under contract within days due to the intense buyer demand." He anticipates two more months of "elevated new resale listings" before the selection starts decreasing. "We expect the extremely high intensity for each listing will continue in most price ranges locally into the spring of 2022 due to historically low interest rates creating a large backlog of buyers looking to purchase a home."
Let us know if we can answer any of your real estate questions or if you need help taking advantage of opportunities available for you in this current housing market.
Co Owner of the Red Door Team Carmen has been born and raised in Snohomish. Is married, owns a home in downtown, has a Goldendoodle and is expecting her first child in April! Loves spending time with....