Social Links Widget

Click here to edit the Social Media Links settings. This text will not be visible on the front end.

Cost vs. Value • October 14, 2020

Local Market Update – October 2020

by Bella Chaffey Lakic
lmu-03-oct-2020.jpg

While daily life may seem unpredictable, the local real estate market remains extremely stable. Activity in September acted more like the traditional peak spring market with home sales soaring and prices hitting record highs. Inventory remains very tight and new listings are selling quickly in every price range.

There just aren’t enough homes on the market to meet demand. King County had about half the inventory of a year ago. Snohomish County had 63% fewer available homes. On the other hand, the number of condos on the market in King County jumped by 24% over last September. Brokers attribute the flood of new inventory to COVID remote workers looking to trade their in-city condo for more living space. Despite the increase in inventory, condo prices rose 8% in September and pending sales — the best indicator of current demand — shot up 36% over the same period last year.

The slim supply of single-family homes means bidding wars and all-cash offers were the norm, driving prices to record highs. King County saw the third consecutive month of record-setting values. The median home price hit $753,600 in September, a 14% jump over last year. Prices in Snohomish County soared 16% from a year ago to $569,997, just shy of its all-time high of $575,000. For both counties, half the homes sold for over list price in September as compared with just a quarter of the homes a year ago.

The market doesn’t show signs of cooling off any time soon. In September the greater Northwest area saw the highest number of transactions since June 2018. Pending sales were up 32% in King County and 29% in Snohomish County. Interest rates continue to be at historic lows. With the area posting some of the fastest population growth in the country, expect the market to stay unseasonably hot.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on

Related Articles
Cost vs. Value Local Market Update – August 2021 The typical summer slowdown brought some good news for those looking to buy a home. While prices are still on the rise, there are more homes to choose from and multiple offers are down as compared to earlier this year. This easing, however, is slight, and the market continues to be very competitive for buyers. […]
Cost vs. Value Local Market Update – July 2021 Is there finally hope for homebuyers? The number of listings rose slightly throughout the region in June, but it’s not clear if that trend will continue. Supply is still far short of demand, and the Puget Sound region remains one of the hottest housing markets in the country. Despite the uptick in inventory, many homes […]
Cost vs. Value Local Market Update – June 2021 May was a record-breaking month for the real estate market. Inventory hit all-time lows, and home prices reached record highs. With the supply of homes so tight, this sizzling seller’s market is expected to continue throughout the summer. High demand hammered inventory in May. While the number of new listings increased, homes sold within days, […]

7525 166th Avenue NE, Suite D210
Redmond, WA 98052
Office: (425) 883-0088

TERMS OF USE | PRIVACY POLICY | ©2021 

realtor_white-71x83
eho-89x83