WA real estate market is competitive, as interest rates and inventory remain low
As low interest rates continue and many choose to search for a new place to live, the real estate market in Washington state is quite hot, according to the latest Northwest Multiple Listing Service report. The report, released monthly, takes a look at the real estate activity in 23 counties across the state.
While the pandemic definitely slowed the market down during the second quarter of 2020, the summer activity is now in full swing. The supply is almost alarmingly low, with just 1.16 months’ worth system-wide at the end of June 2020 – the second lowest level of the last decade. The supply/demand imbalance is, not surprisingly, causing prices to spike up. The median sales price last month was 5.7% higher than in June of 2019. June 2020 prices were also 3.3% higher than the month before.
The Puget Sound area offers even more impressive statistics when it comes to the year-over-year increase in prices. King County had the smallest increase of 5.9%, going from $637,675 in 2019 to $675,000 in June of 2020. Pierce County leads the pack with an impressive 8.2% increase year over year, from $372,500 to $403,000. Meanwhile, Snohomish county median prices increased 6.7% and Kitsap was in second place with 7.7%.
The volume of pending & closed sales is also up – and significantly. System-wide there were 15% more pending sales last month than in May of 2020 and a staggering 39% more closed sales. However, when looking at year over year statistics, only 8,312 closed sales indicate a 12.3% drop from June of 2019.
As the inventory remains low and bidding is competitive, especially when it comes to properties priced in the median range, you need an experienced agent to guide you through the process. Whether you are looking to buy or sell, we’re here to help. Contact us at 206.910.5000 or at firstname.lastname@example.orgEmail