Seattle Real Estate News October 2020
The Personal Seattle Real Estate News
Seattle Real Estate News October 2020: September home sales up while supply remains low.
KIRKLAND, Washington (October 7, 2020) – Northwest Multiple Listing Service brokers completed 10,175 sales transactions during September – the highest monthly volume since June 2018 when MLS members reported 10,072 closed sales. September’s closings also marked a jump of nearly 28% from the same month a year ago, according to the latest statistical summary from the MLS.
“I believe this significant increase speaks to sellers becoming much more confident and buyers competing more effectively, most likely due to low interest rates,” remarked Mike Grady, president and COO at Coldwell Banker Bain. “It’s as if we just completed our typical ‘spring’ market,” he added.
The new report from Northwest MLS showed a sharp year-over-year (YOY) drop in inventory (down 43% from a year ago), a robust increase (23%) in pending sales
(mutually accepted offers), and a sizeable surge (19%) in prices for single-family homes and condos combined. Northwest MLS serves 23 counties, mostly in Western and Central Washington.
Whether last week’s announcement from Boeing to consolidate to a single 787 production location in South Carolina resulting in the loss of about 900 Puget Sound jobs will dampen home sales is unclear.
“It’s too soon to make any solid predictions about how Boeing’s announcement will affect the Snohomish County housing market, but I am watching it closely,” stated Matthew Gardner, chief economist at Windermere. “We could see an increase in the number of homes for sale as workers either leave the area or decide to sell to access the equity they have in their homes. If this does happen, the increased supply will likely be absorbed by buyers who currently have a limited number of homes to choose from and counter any downward pressure on prices.”