RE/MAX National Housing Report for June 2021

NHR 06-21

Record Home Sales, Record Prices,
Growing Inventory

June created the perfect trifecta for a hot housing market: June home sales and prices both set report records, while inventory grew for the first time in 15 months.

The month of June, typically the biggest month of the year for home sales, saw sales soar 14.2% over a strong May and top all other months in the 13-year history of the report, which spans 53 metro markets. The Median Sales Price of $336,000 was also a report record, eclipsing the previous record of $320,000 – set in April and tied in May – by 4.9%.

The number of homes for sale, meanwhile, grew 1.9% over May – the first increase since March 2020. Inventory, however, still remained 37.5% below June 2020 levels.

With year-over-year comparisons skewed by the pandemic, May-to-June averages for 2015-2019 are helpful in illustrating what’s typical at this time of year. June has been the top month for home sales in four of the past six years:

• June 2021 home sales increased 14.2% month over month, more than doubling the 6.4% average gain from May to June in 2015-2019. Year over year, sales were up 26.4%.

• June’s Median Sales Price of $336,000 was 4.9% over May’s, very similar to the typical May-to-June increase of 4.6%. Year over year, June’s price is 21.9% higher than June 2020’s $275,000.

• The 1.9% increase in inventory from May to June was far greater than the typical gain of 0.6%. Still, inventory was down 37.5% year over year.

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Watch the 40 second summary video

Washington State NWMLS Market Snapshot for June 2021

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Market offers hope for homebuyers,
but it may be temporary

The number of active listings at the end of June, 6,358, reached the highest level since November when buyers could choose from 6,505 properties. The volume of new listings added last month was the highest number in 17 months.

For the tri-county area, total active listings of single family homes and condominiums increased 14.5% from May. System-wide, the report covering all 26 counties served by Northwest MLS shows month-to-month inventory improved 14.9%.

The latest report shows a year-over-year (YOY) drop in active listings of more than 34%, with only about two weeks (0.58 months) of supply available areawide. Last month marked the first time since July 2020 that the year-over-year decline fell below 40%.

Pending sales rose about 3.5% compared with a year ago (from 11,916 to 12,328) but fell slightly from May when mutually accepted offers outgained the number of listings added during the month.

Fewer than 23% of June’s listings had asking prices under $400,000. About a third of the inventory was listed at $800,000 or above.

Brokers reported 10,923 completed transactions during June, a 31.4% increase from twelve months ago, and up 16.5% from May’s total of 9,374. Prices on last month’s sales, which includes single family homes and condominiums, rose nearly 27% from a year ago, from $465,000 to $589,000.

Watch the 1.5 minute market report video

Source: NWMLS 7/7/21

31003 14th Ave S #H1, Federal Way, WA 98003

1

$178,950

1 bedroom; 1 bathroom; 671 square feet

Ground level end unit in a LAKESIDE community w/ a carport! This recently renovated condo features fresh paint, popcorn ceiling removed, beautiful laminate & tile floors thru-out, new doors, molding, LED light fixtures, switches & wall heaters. The all new kitchen is designed for homeowner comfort w/ lots of cabinets, stainless steel apps that include a double oven & quiet dishwasher. Enjoy the open floorplan between kitchen, dining & living rms, & you may realize you don’t need AC while living on the ground flr! You’ll appreciate the large back & side yards convenient for your pet, as well as how the lockable slider & patio are level w/ a parking lot & laundry rm. Liberty Lake Condos feature a clubhouse, pool, hot tub, sauna & exercise rm.

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Listing Commercial

RE/MAX National Housing Report for May 2021

NHR 05-21

Red Hot Market Cools Slightly, Stabilizing Prices

The typical May ramp-up in home sales didn’t happen last month, as sales dipped 0.2% from April and home prices were uncharacteristically flat in the report’s 53 metro areas.

Also defying seasonal trends was a 7.1% drop in listed homes at a time of year when active inventory is normally building for peak summer sales months. But two other metrics confirm that the frenzied sellers market marches on: Months Supply of Inventory dropped to 1.1 months and homes changed hands in a mere 28 days. Both are records in the 13-year history of the report.

With year-over-year comparisons heavily skewed by the pandemic, April-to-May averages for 2015-2019 show what is typical:

• While May 2021 home sales declined 0.2% month over month, 13.9% is the 2015-2019 average gain from April to May. Year over year, sales were up 53.4%.
• May’s Median Sales Price of $320,000 was the same as April’s, compared to the typical April-to-May increase of 3.2%. Year over year, May’s price is 17.0% higher than May 2020’s $273,498.
• Instead of the 7.1% decline from April to May, inventory typically grows by 1.8%. Year over year, inventory was down 43.0%.

May’s average Days on Market from listing to going under contract of 28 shaved four days off of April and represented a faster sale by 18 days compared to May 2020.

May’s 1.1 Months Supply of Inventory compares to 1.3 in April, and 2.9 in May 2020.

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Watch the 40 second summary video

31003 14th Ave S #G3, Federal Way, WA 98003

2

$179,950

1 bedroom; 1 bathroom; 671 square feet

Don’t miss this large 671 sq ft mid-floor end unit with 2 decks & a carport in a lakeside community! This light & bright condo features partial views of Easter Lake from the deck & living rm. You’ll enjoy fresh paint, new light fixtures, switches, outlets, molding & luxury vinyl plank floor through-out. You’ll also appreciate newer stainless steel appliances, cabinets, quartz counters, bath vanity & new toilet. Liberty Lake Condos feature a clubhouse w/mailboxes, pool, hot tub, sauna, exercise room & 2 laundry rms. 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. Come check it out!

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Listing Commercial

Sold 7/29/21

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)

$184,950

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!

Property Flyer

360 degree / 3D Home Tour

Listing Commercial

Sold 7/29/21

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