Seattle Real Estate News October 2021
The Personal Seattle Real Estate News
Seattle Real Estate News October: Low inventory continues to pose challenges for buyers.
September’s housing market remained “very active” to “frenzied” around Washington state with brokers reporting year-over-year (YOY) gains in new listings, closed sales, and prices. Brokers with Northwest Multiple Listing Service also detected growing stability in the condominium market.
“Historically low interest rates continue to drive the real estate market,” remarked Dean Rebhuhn, owner at Village Homes and Properties. He also cited pent-up buyer demand, job and lifestyle changes, and inventory shortages as factors contributing to a “very active market.”
A new report from Northwest MLS shows brokers added slightly more new listings last month (11,373) than a year ago (11,210). That volume, which includes single-family homes and condominiums, nearly matched the total for August (11,437), and barely outgained the number of pending sales (11,318) for the 26 counties in the report.
Compared to the same month a year ago, pending sales slipped about 6% (11,318 versus 12,053). Despite that drop, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, noted the number of mutually accepted offers in the Puget Sound region (King, Kitsap, Pierce and Snohomish counties) made last month the MLS’ second-best September, based on records going back to 2003. Last year’s 4-county total of 8,606 pending sales is the highest volume for that time frame spanning nearly two decades.
“The housing market intensity for each new listing will continue its upward trajectory as the first of the year approaches,” Scott proclaimed.
Low inventory continues to pose challenges for buyers. At month end, Northwest MLS members reported 7,757 total active listings system-wide. That marked a slight improvement from August when there were 7,425 active listings, but it was a drop of nearly 14.8% from twelve months ago.
At of the end of September, there was about three weeks of supply (0.75 months), slightly better than August (0.70 months), but less than the same month a year ago (0.89 months). There has not been more than one month of supply since July 2020 when it reached 1.04 months.