Seattle Real Estate Market Update [August 2021] - Market in a Minute

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for August 2021. 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
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► Seattle Realtor - Broker Trends
► Seattle Housing Market Forecast 2021

Competition for homes eased slightly in July across much of Washington state, but brokers from Northwest Multiple Listing Service expect the respite to be short-lived, with inventory still tight and prices still climbing.

Northwest MLS brokers added 12,916 new listings to the database during July. They reported 11,567 pending sales (mutually accepted offers) areawide, which covers 26 counties. At month end, there were 7,948 total listings offered for sale, down 22.5% from the year-ago total of 10,259. That was the highest level since October when inventory totaled 8,623 properties, including single family homes and condominiums.

"August historically is the last month of the year with elevated levels of new listings before they slowly taper down in the fall and decline more substantially over the winter," Scott said, reminding buyers they will find a better selection now than in the coming months.

NWMLS statistics show there were fewer pending sales last month (11,567), than during both June (12,328) and May (11,969). July's volume was down about 8.8% from the year-ago total of 12,682 pending sales.

"While dangerous to compare 2020 lockdown figures to this year, it is interesting to see that new listings volume is starting to rise above 2019 levels," observed James Young, director of the Washington Center for Real Estate Research at the University of Washington. In July, MLS figures show member-brokers have added 1,723 more new listings of single family homes and condos than during July 2019 (12,916 versus 11,193). Year to date, brokers have added 1,438 more new listings this year compared to 2019.

Notably, 14 of the 26 counties in the Northwest MLS report showed year-over-year (YOY) gains in new listings, with half of them reporting double-digit increases: Clallam, Clark, Cowlitz, Ferry, Grays Harbor, Kitsap, and Thurston. Three of the four counties in the Puget Sound region had YOY improvement, led by Kitsap County with a jump of 29.3%. The volume of new listings in King County dropped about 5.4% from a year ago. System-wide there was a 3.2% gain in new listings versus twelve months ago.

Prices continue to climb by double digits in all but a few counties. Across all areas, prices for closed sales of single family homes and condominiums (combined) jumped 21.4% during July compared to a year ago, rising from $484,995 to $589,000. Last month's median price overall was unchanged from June.

Northwest MLS figures show there is 0.73 months of inventory system-wide, with only 12 of the 26 counties in the report having more than one month of supply.

Condo prices rose more modestly, at 12.6%, than the rate for single family homes (22%). In King County, which accounted for nearly six of every 10 condo sales during July, the year-over-year increase was just under 7%. The median priced condo in King County sold for $460,000, while overall the median sale price was $428,000.

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