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 October 2021
Dated: November 9 2021
✨The latest market update from NWMLS is out and has discussed that " brokers are detecting indecisiveness by some buyers who are getting mixed "work from home" messages from their employers. The hesitancy, coupled with cooler, wetter weather and increases in mortgage rates were likely factors in slower listing and sales activity during October."
✅ Total closed sales for both residential homes and condos went down 7.6% during October 2021 compared to last year.
✅ Median closed price for these sold residential homes and condos are up, 15% higher than last year's numbers.
✅ Total dollar value for the homes sold went up as by 15.9% as compared to October 2020
✅ At the current rate of how homes are being sold, it would only take about a month (0.66 months) to sell every home that is active in the NWMLS inventory.
John Deely, executive vice president of operations at Coldwell Banker Bain, said the cooling might also be impacted by employees who are hesitant to buy as they are getting mixed "work from home" messages from some of our region's top employers. "There are questions about how much house they will need for a home office or whether they will be working from a centralized location." While changing policies are creating indecisiveness for some buyers, Deely said others are pursuing secondary home markets, choosing quality of life over the need to be near an urban core - "betting that the 'work from home' option is here to stay."
House hunters were able to select from 9,219 new listings MLS added to inventory last month. That was 1,209 fewer than the same month a year ago for a drop of 11.6%. Compared to September, new listing activity shrunk nearly 19%.
At month end, there were 6,588 active listings in inventory, down 23.6% compared to a year ago, and the smallest selection since June, but the selection improved by double digits in eleven counties.
"As the weather cools, the housing market intensity heats up for each new listing," according to J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. "Buyers want to lock in a great interest rate." He said the intensity of activity in the Puget Sound area "is either approaching or already at spring 2021 levels, depending on the local area," adding buyers will face constrained inventory until March 2022.
"We are approaching our seasonal low in inventory," said Wilson. "Each year, as the year closes out, potential home sellers wait until the new year to put their homes on the market. In reality, a home listed now will have higher viewership since the buyer pool has not gone down. With the pace of this market a correctly priced home offered now would probably be off the market by Thanksgiving, allowing the seller to have a quiet holiday."
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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