✨The latest market update from NWMLS is out and has discussed that "Rising interest rates and inflation, coupled with a slight improvement in inventory, may bring some normalcy to Western
NWMLS Market Report November 2021
Dated: December 15 2021
✨The latest market update from NWMLS is out and has discussed that "Historically soggy weather and the onset of holidays did not deter thousands of buyers and sellers during November, based on the latest report from Northwest Multiple Listing Service."
✅ Numbers for new listings, pending sales, and closed sales were comparable to year-ago totals.
✅ 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 by 14.2% as compared to November 2020
✅ At the current rate of how homes are being sold, it would only take about a month (0.51 months) to sell every home that is active in the NWMLS inventory.
"The so-called seasonal slowdown normally sees serious buyers gain an advantage over casual buyers who take a break during the holidays. The difference this year is that there are fewer buyers taking a break and demand remains high," reported Mike Larson, managing broker at Compass in Tacoma.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, echoed Larson. "Typically, we see a lull of sales activity during late fall and into early winter. While there are fewer transactions at this time of year, the intensity for each new listing going under contract is extremely high," Scott remarked, noting there were substantially more homes going under contract (8,571) than there were new listings (6,455).
"The pandemic continues to put pressure on home sales and prices," stated Dean Rebhuhn, owner of Village Homes and Properties. "Historic low inventory is still influencing multiple offer situations in King, Snohomish and Pierce counties," adding, "Increasing interest rates have not slowed the pace of sales."
Gardner commented on recent adjustments in Federal Housing Finance Agency (FHFA) limits for conforming loans (mortgages backed by Fannie Mae or Freddie Mac), which included a record 18% jump in most markets, but also an increase from $776,250 to $891,250 in the higher-cost tri-county area encompassing King, Pierce and Snohomish counties. "I anticipate this will be a further boost to more expensive markets."
Looking ahead to 2022, Gardner expects the pace of appreciation "to slow significantly" from levels seen this year. "In fact, I predict single family prices will increase by around 8% in King and Snohomish counties, and by almost 11% in Pierce County. Although still well above the long-term averages, affordability issues and modestly rising interest rates will take some of the steam out of the market in 2022," he added.
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....