Year-over-year gains for prices and closed listings in WA
The fall real estate market in Washington continues to astonish as it shows no signs of slowing down. September was a very active market, with year-over-year gains in new listings as well as prices in the twenty-six counties serviced by the Northwest Multiple Listing Service.
Low interest rates, which we have been discussing in our blog posts at length, continue to drive the market activity. A total of 11,373 new listings were added last month, topping the 11,210 figure from September 2020. Quite unusually, the number of listings last month was nearly as high as in August, clearly demonstrating that the typical back to school fall slowdown is not occurring this year.
As buyer demand continues to be high, the number of mutually accepted offers in September of 2021 in the Puget Sound region comprised of King, Kitsap, Pierce and Snohomish counties was the second highest on record, which dates back to 2003. The activity last month was only topped by that of the same period last year.
Buyer demand is still accompanied by very low supply. Only three weeks’ worth of supply was available at the end of last month – about 7,575 total listings, a figure which is 14.8% lower than during the same time a year ago. While the above figure includes both single family homes and condominiums, the single-family inventory is more encouraging – down only 4% of last year.
Condominiums continue their triumphant comeback. In King County, there was a 20% increase in the number of closed transactions for that type of property as compared to a year ago. Within the boundaries of Seattle, sales were up an astonishing 34% year over year. Prices of condominiums increased as well, 8% county-wide.
We encourage you to check out the report from NWMLS in its entirety here. Curious about where this market is headed? We’d love to chat. Contact us today.
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