Seattle Real Estate News May 2021
The Personal Seattle Real Estate News
Seattle Real Estate News May 2021: Pending sales continue to surge keeping inventory depleted.
KIRKLAND, Washington (May 5, 2021) – Finally, some good news for home buyers! Sizeable increases in new listings compared to a year ago and reports of moderating prices “might mean we are seeing some relief for buyers,” suggested John Deely, a board member at Northwest Multiple Listing Service.
In commenting on the latest statistics from Northwest MLS summarizing April activity, Deely said the market remains hot while emphasizing active listing numbers do not always reflect actual overall activity. “With a market like ours, and the velocity of new listings moving to pending status, active listing datatend to get more attention,” stated Deely, the vice president of operations at Coldwell Banker Bain.
Northwest MLS figures, which cover 26 counties, illustrate that point. At month end, April’s active listings stood at 5,616, yet during the month, member-brokers added 12,043 new listings of homes and condos.
There was, a jump of more than 57% from the same month a year ago when the pandemic shutdown began. Compared to March, the volume of new listings rose 14%, and even compared to two years ago (April 2019), new listings were up about 3%.
April’s month-end inventory of 5,616 listings was a year-over-year (YOY) drop of 45%; a year ago, there were 10,282 active listings in the MLS database.
Pending sales continue to surge, keeping inventory depleted. Brokers reported 10,583 pending sales during April, up nearly 47% from a year ago when they logged 7,207 mutually accepted offers. Last month’s pending sales dipped slightly (2.58%) from March.
Two other industry experts, J. Lennox Scott and Matthew Gardner, also commented on the significant gains in new listings.
“At long last, May is here. Historically, we see a nice uptick in new listings every May. This increased availability and selection will be present throughout the summer,” suggested Scott, the chairman and CEO of John L. Scott Real Estate. He tempered his prediction by noting there is a large backlog of prospective home buyers, a situation he says will “keep the market in a state of ‘instant response’ for each new resale listing.”