NWMLS Market Report July 2021

Dated: August 16 2021

Views: 155

✨The latest market update from NWMLS is out and has discussed that "Competition for homes eased slightly in July across much of Washington state, but brokers from Northwest Multiple Listing Service expect the respite to be short-lived, with inventory still tight and prices still climbing." 

✅ Total closed sales for both residential homes and condos went up 31.4% during July 2021 compared to last year.

✅ Median closed price for these sold residential homes and condos are also up by 21.4% higher than last year's numbers.

✅ Total dollar value for the homes sold went up as by 36.8% as compared to July 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

✨Takeaways :

"Although the local market is intense, buyers can find some relief because there aren't as many offers to compete with compared to earlier this year," observed J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. He noted the number of listings brokers added last month outgained the number of homes going under contract by a small margin in most areas in the report.

Northwest MLS brokers added 12,916 new listings to the database during July. They reported 11,567 pending sales (mutually accepted offers) areawide, which covers 26 counties. At month end, there were 7,948 total listings offered for sale, down 22.5% from the year-ago total of 10,259. That was the highest level since October when inventory totaled 8,623 properties, including single family homes and condominiums.

Another industry veteran also detected some pullback of activity.

"Despite the extreme shortage of inventory and robust sales activity, there seems to be a bit of a leveling off from the market frenzy," said Gary O'Leyar, broker owner at Berkshire Hathaway HomeServices Signature Properties. "In my opinion this is due to a typical mid-summer season market combined with some buyer fatigue."

NWMLS statistics show there were fewer pending sales last month (11,567), than during both June (12,328) and May (11,969). July's volume was down about 8.8% from the year-ago total of 12,682 pending sales.

Prices continue to climb by double digits in all but a few counties. Across all areas, prices for closed sales of single family homes and condominiums (combined) jumped 21.4% during July compared to a year ago, rising from $484,995 to $589,000. Last month's median price overall was unchanged from June.

"My advice to buyers would be to take advantage of this time before Labor Day and the fall market," stated O'Leyar. His advice to sellers would be: "Don't get overly hyped with anecdotal information about the real estate market. Overpricing a listing in this market is still a big mistake."

Coldwell Banker Bain CEO Mike Grady said the overall market hasn't deviated much. He noted the time it would take to sell all homes in inventory (month's supply) only increased about three days since June and still remains well under three weeks in most markets. "That's a long, long way from a 'balanced' market of four-to-six months of inventory."

Grady expects "more of the same" for the rest of the summer and beyond. "We don't appear to have the forces in play to change. Low inventory, high buyer demand, low interest rates, and thousands of job openings are continuing unabated. I remain bullish on the real estate market now and well into 2022."

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.

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Carmen Johnson

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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