Washington State NWMLS Market Snapshot for May 2021

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May marked a month of new records for
some Northwest MLS market indicators

The number of active listings for single family homes dropped from April to May for the first time in at least 20 years. The month-to-month decline was small (only 83 listings), but compared to 12 months ago, May’s inventory plummeted by 4,824 listings (down 46.6%).

Months of inventory of homes and condominiums fell to just over two weeks (0.59 months) system-wide, which encompasses 26 of Washington’s 39 counties.

Year-over-year price increases measured by percentages appeared to hit a new high with the median price on last month’s 9,374 closed sales soaring 30% from a year ago.

Northwest MLS data shows prices on the 8,011 single family home sales (excluding condos) that closed last month sold for 107.3% of the asking price. In the 4-county Puget Sound region (King, Snohomish, Pierce and Kitsap), the figure was 108.6%, while in King County it was 109.5%.

High demand kept supply depleted. At month end, there were 5,533 active listings in the NWMLS database, nearly half the inventory of a year ago when buyers could choose from 10,357 listings.

Watch the 1.5 minute market report video

Source: NWMLS 6/7/21

Prep Your Home for Summer with These Exterior Maintenance Tips

Warmer weather has many locales feeling like it’s summertime already. But before you dust off the grill, remember the annual upkeep that ensures your home’s outdoor space is the perfect place for entertaining.

There are many quick and easy measures you can take to ensure your house is equipped for both the joys of summer and the elements (ahem, falling leaves and dry grass) associated with the months that follow.

If you’re spending time at home this long weekend, consider these home maintenance tips to get your space in tip-top shape for the summertime.

Sand the deck

Summer is the best season for outdoor entertaining. Most grilling (a BBQ essential) is done on the deck, so don’t let pesky splinters ruin the time you and your guests spend enjoying the sunshine.

If you’re dealing with aging or rough wood, sanding your deck may be a good idea. A smooth deck allows for a more enjoyable outdoor entertaining experience for everyone, guests and hosts alike. Hopefully, after a long evening in the backyard, your guests will all head home smiling and splinter-free.

Stock up on grilling supplies

Speaking of barbecues – take inventory of your grilling supplies before hosting the first cookout of the season. If you are using a gas grill, make sure your propane tank is filled up and ready to go, and if your grill of choice heats with charcoal, ensure that you have enough coals on hand.

Whichever grill you own, make sure to clean it before burgers hit the grates. Gas grills require high heat followed by brushing, while charcoal grills can be scrubbed with the standard sponge and dish soap.

Complete simple landscaping

The four seasons pose many challenges to lawn-upkeep: leaves in the fall, frost and snow in the winter, laying seed in the spring and watering through a hot summer. Use this time to get ahead on the landscaping that you haven’t given much attention to in recent months, like trimming shrubbery and fixing dead patches of grass.

Landscaping projects can be as small as mowing the lawn, adding a fresh coat of mulch to plant beds, plucking weeds from the pavement and planting new flowers.

Check the sprinkler system

The sprinkler system contributes greatly to your home’s curb appeal. Whether you have a built-in system or one that you arrange yourself, check that the mechanics are operating smoothly. For automatic watering systems, check that the sprinkler heads are unobstructed from rising out of the ground.

If you place sprinklers above ground yourself, check that all the plants needing water are being reached. Your lawn ultimately does a good job of telling you when you’ve missed a patch.

Have the roof inspected

Did you know it can be a good idea to get your roof inspected every year? If you haven’t yet, make note to have a roof inspection conducted soon. Not only could it save you money in the long-run, it’s also far better to catch a leak in its early stages than to fix the damage in the aftermath.

31003 14th Ave S #C16, Federal Way, WA 98003

IMG_9163

(Easter Lake from the deck)

$189,700

1 bedroom; 1 bathroom; 623 square feet

You will love this completely refreshed LAKESIDE condo! This light & bright mid-floor condo features peaceful views of Easter Lake from the kitchen, dining & living rooms. You’ll enjoy fresh paint, new light fixtures, switches, outlets, molding & luxury vinyl plank floor through-out. You’ll also appreciate all new stainless steel appliances, fresh cabinets, new bath vanity, mirror & toilet. Liberty Lake Condos feature a clubhouse with mailboxes, pool, hot tub, sauna, exercise room & 2 laundry rooms. Enjoy beautiful sunsets & friendly geese from your deck or the lakeside gazebo. A variety of restaurants & shops are across the street & nearby. King Co Metro is 1 block away. This may be ideal for an investor w/ no rental cap. Don’t miss this!

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RE/MAX National Housing Report for April 2021

NHR 04-21

Homes Sell at Record Speed
as Median Price Reaches All-Time High

On average, April home sales took just 32 days from listing to going under contract, while the Median Sales Price rose to $320,000 – both new records in the 13-year history of the report. These stats, and other key indicators, including a report record April for sales, signal a potentially torrid market going into the traditional peak sales months of May through August.

April home sales in the report’s 53 metro areas were up 5.3% over March, slightly topping the five-year March-to-April average gain of 5.0% from 2015-2019. In contrast, home sales in 2020 dropped 13.7% from March to April as pandemic-related stay-at-home orders were in effect in many states.

Limited inventory remains a primary issue. However, with more homes coming onto the market in April, recent double-digit, month-to-month declines in active inventory dropped to just 2.4% from March to April. Still, year over year, inventory was down 42.2%. Additional context:

• Months Supply of Inventory reached a record low of 1.1, compared to the previous report record of 1.3 in March.
• Home sales were the highest for April in report history and marked the 10th highest month in the past 13 years.
• April’s record low of 32 Days on Market trimmed four days off the previous report record of 36 days set in November 2020 – a significant change from April 2020’s 46 days.
• The Median Sale Price jumped 5.9% over March and was the highest month-to-month increase since 6.2% from May to June 2019.

Read the full article

Watch the 40 second summary video

Washington State NWMLS Market Snapshot for April 2021

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Brokers detect good news for home buyers,
citing gains in listings and moderating prices

April’s month-end inventory of 5,616 listings was a year-over-year drop of 45%.

16 of the 26 counties in the report had at least a 20% increase in active listings at the end of April compared to March.

Pending sales continue to surge, keeping inventory depleted. Brokers reported 10,583 pending sales during April, up nearly 47% from a year ago.

Even with some improvement in listings, the MLS report shows only 9 counties have more than one month’s supply of inventory. Areawide, there is only 0.64 months of inventory, with even less supply (0.57 months) in the four-county Puget Sound region.

With supplies depleted, prices continue to climb. Brokers reported 8,791 closed sales of single family homes and condos during April, nearly 50% higher than the year-ago total of 5,866 completed transactions. Year-over-year prices on closed sales surged 25%, from $452,030 to $565,000.

Watch the 1.5 minute market report video

Source: NWMLS 5/5/21

3201 Pacific Ave #1007, Tacoma, WA 98418

$359,950

2 bedrooms; 1.75 bathrooms; 1,281 square feet

Enjoy stunning Tacoma and Commencement Bay views from your living, dining room and kitchen! This beautiful high-rise condo includes a common garage space, as well as an individual garage with lots of storage. You’ll love the modern kitchen with granite counters, stainless steel appliances & newer tile floors. Features include a built-in desk/work area, closet organizers, closet with wine rack & a spacious utility rm. You’ll also enjoy air conditioning, Mt Rainier views from a bedroom & instant hot water. Pacific Tower is a secure building with a welcoming lobby, elevators, a meeting room w/ kitchen & bathroom, exercise room, guest suite available for rent & storage for each unit. Don’t miss this one-of-a-kind condo with breathtaking views!

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RE/MAX National Housing Report for March 2021

NHR 03-21

Median Home Price Tops $300,000
as Speed of Sales Shrinks Inventory

March home sales jumped by one-third over February’s total as demand from hordes of eager homebuyers pushed the Median Sales Price above $300,000 for the first time in the 13-year history of the report. Meanwhile, the pace of sales accelerated – to the fastest rate on record for the month of March – dropping an already strained housing inventory to nearly half of what it was a year ago.

Although year-over-year comparisons are skewed by the start of pandemic restrictions in mid-March 2020, housing activity in the report’s 53 markets nationwide last month hit several notable milestones and barely missed another, including:

• The Median Sales Price of $303,000 rose 4.5% above the previous report record of $290,050 in February – and was 14.3% higher year over year.
• Inventory dropped to a new report low for the ninth consecutive month and was 45.2% lower year over year.
• Average Months Supply of Inventory set a report record of 1.1, eclipsing the previous low of 1.7 months in February. The figure for March 2020 was 3.2 months of available supply.
• The average Days on Market of 38 was 16 days less than March 2020 and just two days more than the report record of 36 set last November. March was only the fifth month in report history with average Days on Market under 40. All five times have occurred in the past seven months.

Read the full article

Watch the 40 second summary video

31003 14th Ave S #G5, Federal Way, WA 98003

IMG_8714

(back of the G building)

$179,950

1 bedroom; 1 bathroom; 671 square feet

Don’t miss this large 671 sq ft top floor end unit with 2 decks and a carport! This light & bright condo features partial views of Easter Lake from the deck & living room. You’ll enjoy fresh paint, newer light fixtures, and some new switches & outlets. You’ll also appreciate newer stainless steel appliances & quartz counters, as well as a new toilet, newer bath vanity, blinds & drapes. Liberty Lake Condos feature a clubhouse w/ mailboxes, pool, hot tub, sauna, exercise room & 2 laundry rooms. Enjoy beautiful sunsets & friendly geese from the lakeside gazebo. A variety of restaurants & shops are across the street & nearby. King Co Metro is 1 block away. This may be ideal for an investor w/ no rental cap. You’ll love this lakeside community!

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31003 14th Ave S #B2, Federal Way, WA 98003

1

(view from patio)

$184,950

1 bedroom; 1 bathroom; 623 square feet

You’ll fall in love with this updated, move-in ready LAKESIDE condo! This light & bright ground floor condo features peaceful views of Easter Lake from the kitchen, dining & living rooms. You’ll enjoy fresh paint, new light fixtures, switches, outlets, molding & luxury vinyl plank floor through-out. You’ll also appreciate a new range/oven, fresh cabinets, new bath vanity, mirror & toilet. Liberty Lake Condos feature a clubhouse with mailboxes, pool, hot tub, sauna, exercise room & 2 laundry rooms. Enjoy beautiful sunsets & friendly geese from your patio or the lakeside gazebo. A variety of restaurants & shops are across the street & nearby. King Co Metro is 1 block away. This may be ideal for an investor with no rental cap. Don’t miss this!

Property Flyer

360 degree / 3D Home Tour

Listing Commercial

Sold 5/21/21

Washington State NWMLS Market Snapshot for March 2021

Bidding wars, escalating prices and buyer fatigue are widespread

Brokers with Northwest Multiple Listing Service (NWMLS) added 10,562 new listings to inventory during March — the highest volume since September when they added 11,210 properties to the selection. Even so, demand continued to outstrip supply, keeping inventory depleted.

The latest statistical summary from Northwest MLS shows double-digit price hikes were widespread across the 26 counties included in the report for the month of March.

Brokers logged 10,863 pending sales last month. That volume of mutually accepted offers marked a 22.3% increase from a year ago and a 40.6% surge compared to February.

Median prices system-wide surged 19.5% compared to a year ago. The median price for the 7,803 sales that closed during March was $548,199; a year ago it was $458,900. Prices rose in every county served by NWMLS, with seven counties reporting YOY price hikes of 25% or more.

Area-wide, NWMLS figures show there is only about two weeks of inventory (0.53 months of supply) of single family homes and condominiums. Only six counties have more than one month of supply. The supply of single family homes is even more depleted (0.47 months), Condo buyers fare slightly better with 0.86 months of supply. With demand outstripping supply, prices tend to rise.

Watch the 1.5 minute market report video

Source: NWMLS 4/7/21