Seattle Real Estate Market Update [December 2020] - Market in a Minute

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for December 2020. Your Market In A Minute Video, everything you need to know about the Seattle Real Estate market in 1 minute!!

If you watch 1 video this month about real estate, make it this one!

𝗧𝗼𝗽𝗶𝗰𝘀 𝘁𝘆𝗽𝗶𝗰𝗮𝗹𝗹𝘆 𝗰𝗼𝘃𝗲𝗿𝗲𝗱 𝗶𝗻𝗰𝗹𝘂𝗱𝗲:
King County, Snohomish County, Pierce County, Thurston County Real Estate Markets
► Seattle Housing Issues
► Seattle Real Estate News
► Seattle Realtor - Broker Trends
► Seattle Housing Market Forecast 2021

𝐍𝐖𝐌𝐋𝐒 𝐛𝐫𝐨𝐤𝐞𝐫𝐬 𝐬𝐚𝐲 𝐫𝐞𝐚𝐥 𝐞𝐬𝐭𝐚𝐭𝐞 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐲 𝐚𝐜𝐫𝐨𝐬𝐬 𝐖𝐚𝐬𝐡𝐢𝐧𝐠𝐭𝐨𝐧 𝐫𝐞𝐦𝐚𝐢𝐧𝐬 𝐬𝐭𝐫𝐨𝐧𝐠

Some real estate brokers expect the competition for homes to ease somewhat over the holidays, but the latest statistics from Northwest Multiple Listing Service indicate activity is unusually strong heading into December.

November activity shows strong year-over-year (YOY) increases in closed sales (up about 23%) and prices (up 13.8%). Pending sales (mutually accepted offers) rose 7.9% from a year ago, and the year’s saga of depleted inventory continued last month with the number of total listings down nearly 43%.

Although inventory is limited, a check of the supply by price range shows about 25% of the listings
across the 23 counties served by Northwest MLS are priced under $400,000, and a similar number
(24.4%) are priced from $400,000 to $600,000. At the high end of the spectrum, about 21% of homes and condominiums in the database have asking prices of $1 million and higher.

While overall inventory is down, a comparison of counties shows a wide range of deficits, according to NWMLS data. Perhaps surprisingly, King County’s supply declined “only” about 18% from a year ago, while five counties (Clallam, Clark, Island, Mason, and Snohomish) reported drops of at least 63%. A closer look at the MLS report for all counties shows the shortages are most acute for single-family homes (off 50.6% area-wide), while the condo supply improved (up 7.1%).

Thirteen of the 23 counties in the MLS report had less than one month of supply at month-end. Overall, there were about three weeks (0.73) of inventory at the end of November, well below the four-to-six months, many analysts use as a gauge of a balanced market.

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