55% of Homes Nationwide Go Under Contract in Two Weeks
While we often focus on (and analyze) the data in Seattle and Washington State, we thought we would take a look at the national market. While the Emerald City continues to break records, the rest of the country is not far behind.
According to a recent report released by Redfin for one week period ending on January 24th, 55% of single family homes found buyers in less than two weeks – the largest share in more than nine years. The report analyzes over 400 metro areas throughout the United States.
As is the case in most of Washington state, the inventory nationwide remains low. In fact, the amount of listings during the four week period ending on January 24th was 12% lower than during the same period last year. As it follows, the median sales priced increased year-over-year – 15% during the four week period to $318,280 in the areas surveyed.
While the prices keep increasing, it is worth noting that the sale-to-list ratio was at 99.3% – only 1.6% above last year’s. In addition for the week ending on January 22, mortgage applications were up 16% from the year earlier (unadjusted), per the report.
While the single family home market has seen the greatest gains, many predict the focus shifting back to townhomes and condominiums, as the end of the pandemic is in sight. Questions about the Seattle market? Whether it has to do with single family homes, condos or townhomes, we can help. Contact us today.