Today’s housing market is truly one for the record books. Over the past year, we’ve seen the lowest mortgage rates in history. And while those rates seemed to bottom out in
NWMLS Market Report August 2021
Dated: September 13 2021
✨The latest market update from NWMLS is out and has discussed that "August showed a more traditional seasonal pattern with decreased activity as families took end-of-summer vacations and made back-to-school preparations."
✅ Total closed sales for both residential homes and condos went up 7.4% during August 2021 compared to last year.
✅ Median closed price for these sold residential homes and condos are also up by 18.2% higher than last year's numbers.
✅ Total dollar value for the homes sold went up as by 36.8% as compared to August 2020
✅ At the current rate of how homes are being sold, it would only take about a month (0.73 months) to sell every home that is active in the NWMLS inventory
"We saw a dip in open house traffic overall, although some new listings were overwhelmed with traffic, depending on the area and the price point. We are seeing homes stay on the market slightly longer and more instances of sellers overpricing their properties." Frank Wilson, Kitsap regional manager and branch managing broker at John L. Scott Real Estate.
"The continued lack of inventory indicates properties will move very quickly if priced reasonably. Even in our current hot market, pricing a property correctly has never been more important," John Deely, executive vice president of operations at Coldwell Banker Bain.
Prices showed signs of moderating during August. The median price on the 10,571 sales that closed last month was $579,000, a drop of $10,000 from July. Prices did rise compared to 12 months ago, climbing from $490,000 for an increase of about 18.2%. That year-over-year (YOY) percentage change was the smallest since February when there was a bump-up of about 15%.
"Purchasers are continuing to find mortgage interest rates below 3%, providing increased buying power," stated Dean Rebhuhn, owner at Village Homes and Properties. He believes the historic low interest rates coupled with lifestyle changes continue to be market drivers and factors in keeping inventory at historically low levels.
Northwest MLS figures indicate there was around three weeks of inventory (0.70 months) at the end of August. Clark, King, Kitsap, Lewis, Mason, Pierce, Snohomish, and Thurston counties had only about three weeks of inventory, with Snohomish reporting the smallest supply (0.49 months), about two weeks.
Commenting on inventory, James Young, director of the Washington Center for Real Estate Research at the University of Washington, said gains in total active inventory in several counties were mostly consistent with patterns observed all year, notably in the suburbs, the seaside, and the Olympic Peninsula. "It is not just a return to the suburbs, it is a continued return to the country as people continue to work from 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....
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