As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment?If
NWMLS Market Report April 2021
Dated: May 11 2021
✨The latest market update from NWMLS is out and has discussed that "brokers detect good news for home buyers citing reports of moderating prices "might mean we are seeing some relief for buyers,"” ???
Here's what these numbers mean for you:
✅ Total closed sales for both residential homes and condos went up 49.9% during April 2021 compared to last year.
✅ Median closed price for these sold residential homes and condos are also up by 25% definitely higher than last year's numbers.
✅ Total dollar value for the homes sold went up as much as 90% as compared to March 2020
✅ At the current rate of how homes are being sold, it would only take about two weeks (0.64) to sell every home that is active in the NWMLS inventory
At month end, April's active listings stood at 5,616, yet during the month, member-brokers added 12,043 new listings of homes and condos. There was a jump of more than 57% from the same month a year ago when the pandemic shutdown began. Compared to March, the volume of new listings rose 14%, and even compared to two years ago (April 2019), new listings were up about 3%. April's month-end inventory of 5,616 listings was a year-over-year (YOY) drop of 45% Pending sales continue to surge, keeping inventory depleted.
"The time between coming on the market and going off the market is the shortest I've seen in the last 40 years," stated Dick Beeson, managing broker at RE/MAX Northwest, Tacoma-Gig Harbor.
With supplies depleted, prices continue to climb. Brokers reported 8,791 closed sales of single family homes and condos during April, nearly 50% higher than the year-ago total of 5,866 completed transactions. Year-over-year prices on closed sales surged 25%, from $452,030 to $565,000. Nearly every county had double-digit gains.
Prices on single family homes rose about 26.5%, while condo prices increased by a more modest 12%.
"As long as housing supply remains constrained and interest rates remain low, we could see these price trends continuing well into the summer," said James Young, director of the Washington Center for Real Estate Research at the University of Washington. He expects continued price increases along the I-5 and I-90 corridors and noted peripheral areas are continuing to outperform as people seek value in a low interest rate environment.
? 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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