September Sales Reach Highest Level Since June 2018 per the NWMLS
Fall truly is the “spring” of the 2020 housing market – and as such, incredibly busy. According to the latest report from the Northwest Multiple Listing Service, 10,175 real estate transactions have closed during the month of September – the highest number since July 2018. In addition, year-over-year date is also astonishing – last month’s volume of sales is 28% higher than during the same period last year.
While the sales year-over-year are up, the inventory is down – an astonishing 43%. The pending sales increased 23% from September 2019, while the prices of single-family homes and condominiums combined increased 19% system wide.
As covid-19 continues to have an effect on the market, many brokers are noticing that their clients are looking for a perfect home rather than a perfect location. While some homebuyers choose to move further out form the city core, those who already live in their dream homes are staying put, contributing to the low inventory. The low interest rates are driving demand while supply remains low.
Over 11,000 new listings were added to inventory last month, an increase of 18.1% from a year ago. However, month over month, 6% fewer listings were added in September 2020 as compared to August. The total supply at the end of last month was 9,099 – down from 15,982 a year ago and the lowest level since February 2020.
Three of the twenty-three counties (Mason, Thurston and Snohomish) are experiencing incredibly low inventory levels – about two weeks’ worth of supply. In the Puget County region, only King county has more than one month’s worth of supply – unless one excludes condominiums; single family home supply is also extremely low, at 0.85 months’ worth.
The Northwest Multiple Listing Service spans 23 counties and includes 2,300 firms and 30,000 brokers across Washington state.
Thinking of buying or selling in this competitive market? Let’s discuss your options. Contact us today at firstname.lastname@example.org or at 206.910.5000 – we’d love to help!Email