As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low
NWMLS Market Report May 2021
Dated: June 14 2021
✨The latest market update from NWMLS is out and has discussed that "May was a month of record-setting highs and lows for some key housing market indicators tracked by Northwest Multiple Listing Service."
Here's what these numbers mean for you:
✅ Total closed sales for both residential homes and condos went up 57.4% during May 2021 compared to last year.
✅ Median closed price for these sold residential homes and condos are also up by 30% definitely higher than last year's numbers.
✅ Total dollar value for the homes sold went up as by 111.5% as compared to May 2020
✅ At the current rate of how homes are being sold, it would only take about two weeks (0.59 months) to sell every home that is active in the NWMLS inventory
Northwest MLS director Robb Wasser, branch manager at Windermere Real Estate/East in Bellevue, noted the number of active listings for single family homes dropped from April to May for the first time in at least 20 years. The month-to-month decline was small (only 83 listings), but compared to 12 months ago, May's inventory plummeted by 4,824 listings (down 46.6%).
A check of Northwest MLS data shows prices on the 8,011 single family home sales (excluding condos) that closed last month sold for 107.3% of the asking price. In the 4-county Puget Sound region (King, Snohomish, Pierce and Kitsap), the figure was 108.6%, while in King County it was 109.5%.
"Everything is about breaking records this past year with record-breaking housing prices, record-breaking low inventory, and record-breaking consumer savings rates during the pandemic. All this equals a very strong, chaotic market that may not slow down for the next year" remarked Meredith Hansen, owner/designated broker at Keller Williams Greater Seattle.
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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