30 Nov Pacific Northwest Real Estate Market Update – November 2020
There continues to be a low inventory of single-family homes available across the entire Puget Sound area. The Northwest MLS showed a 40% drop in active listings compared to one year ago. This shortage means houses do not sit on the market long. Many are under contract in two weeks or less.
There is a 1.5 month supply of condos available right now. A balanced market for buyers and sellers is a 6 month supply. So while this still indicates a seller’s market, it is a greater supply than that of single-family homes. Those wanting to buy a condo might find this a good time to do so.
For Sellers: Your goal should be to attract as many buyers as possible. Multiple offers ensures the best price for your home and puts you in a strong negotiating position.
For Buyers: Due diligence is key. Due diligence refers to buyers doing their homework before purchasing a home. This process includes understanding financing and gathering information and paperwork. It also includes home inspections. It’s a good idea to complete as many of the due diligence tasks before making an offer as possible. This creates a strong offer that stands out to sellers.
Three Take-Aways
1. There are significantly less single-family homes on the market than one year ago.
2. Condo inventory is up 5.4% compared to 12 months ago.
3. Median home prices by county:
Snohomish: $535,000
King: $710,900
Pierce: $410,000
Kitsap: $410,000
Jefferson: $450,000
Clallam: $347,000
Whatcom: $435,000
Reaching Your Real Estate Goals
If you are a seller, let’s develop a solid pricing strategy. Together we’ll look at what recent homes in your area sold for and market demand.
If you are a buyer, I’ll guide you through all the steps of home-buying. When we find your ideal home, you’ll be prepared to move quickly and make a strong offer.
Let’s chat. Call me at 206-718-7015 or email me at holly@northernescapehomes.com to set up a consult to discuss your real estate goals and needs.