Last week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will continue rising through 2022:“The 30-year fixed-rate
NWMLS Market Report September 2021
Dated: October 12 2021
✨The latest market update from NWMLS is out and has discussed that "September's housing market remained "very active" to "frenzied" around Washington state with brokers reporting year-over-year (YOY) gains in new listings, closed sales, and prices."
✅ Total closed sales for both residential homes and condos went up 7.4% during September 2021 compared to last year.
✅ Median closed price for these sold residential homes and condos are also up by 14% higher than last year's numbers.
✅ Total dollar value for the homes sold went up as by 15.9% as compared to September 2020
✅ At the current rate of how homes are being sold, it would only take about a month (0.75 months) to sell every home that is active in the NWMLS inventory. As of the end of September, there was about three weeks of supply (0.75 months), slightly better than August (0.70 months), but less than the same month a year ago (0.89 months). There has not been more than one month of supply since July 2020 when it reached 1.04 months.
Historically low interest rates continue to drive the real estate market with pent-up buyer demand, job and lifestyle changes, and inventory shortages as factors contributing to a "very active market." Remarked Dean Rebhuhn, owner at Village Homes and Properties.
Compared to the same month a year ago, pending sales slipped about 6% (11,318 versus 12,053). Despite that drop, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, noted the number of mutually accepted offers in the Puget Sound region (King, Kitsap, Pierce and Snohomish counties) made last month the MLS' second-best September, based on records going back to 2003. Last year's 4-county total of 8,606 pending sales is the highest volume for that timeframe spanning nearly two decades.
"While one could expect months of supply to increase around the end of the summer, shortage of supply still remains a significant issue, indicating demand still exists in many submarkets," observed James Young, director of the Washington Center for Real Estate Research at the University of Washington.
Young contrasted strong price increases in nearly every "outer suburban" county along I-5 plus Kittitas County with prices in King County. He noted nearly all of the outlying counties posted YOY increases at or above 15%, while King County experienced only a single digit gain of 6.7%. Prices in Kittitas County, where destinations like Suncadia and Ellensburg are within a two-hour drive to Seattle, surged more than 26% from a year ago.
"With decreases in active listings in King and Snohomish counties, price pressure may increase in urban areas of the region as people return to the city for work," suggested Young.
One option for those wanting to live near urban job centers in anticipation of workplace reopenings may be condos.
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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