Washington State NWMLS Market Snapshot for April 2021

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.

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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

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.

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

(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

(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!

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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.

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Source: NWMLS 4/7/21

RE/MAX National Housing Report for February 2021

Prices Rise, Inventory Falls
but Sales Stay High as Spring Approaches

The median home price reached $291,000 in February – the highest in the 13-year history of the report – while sales set a new high for the month and inventory continued to drop to record lows.

The record February home sales were up 5.7% year over year, but the increase over January was flat at 0.3%. The February-over-January average for the previous five years has been 5.4% in the ramp-up toward the seasonally higher sales of spring.

The Median Sales Price across the report’s 53 metro areas topped the previous high of $290,000 reached in August and tied in October and December during last year’s housing surge. In February of last year, the Median Sales Price was $260,000.

At the same time, February’s Months Supply of Inventory was down 11.9% from January’s and 42% year-over-year, as buyers continued to close on properties in greater numbers than sellers opted to list their homes. Inventory has declined month over month for 20 of the past 21 months.

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Washington State NWMLS Market Snapshot for February 2021

Housing activity during February remained hot around much of Washington state despite significant accumulation of lowland snow over the Valentine’s Day weekend, according to the latest statistical report from the Northwest Multiple Listing Service.

Northwest MLS figures show brokers added a similar number of new listings of single family homes and condos last month (7,418) as a year ago (7,786), for a difference of 368 properties (down 4.7%). For residential units (excluding condos), there was a 6.8% year-over-year (YOY) drop.

Total active listings of single family homes declined nearly 44% from a year ago. The selection of single family homes fell more than 51% while condo inventory rose 7.9%.

There are only about three weeks of supply (0.74 months) of inventory in the MLS database, which covers 26 counties. For residential only (excluding condos), the shortage is more pronounced at only 0.67 months’ supply.

Condominium shoppers will find somewhat more selection, with inventory up 7.93% from a year ago, and more than a month of supply (1.12 months).

Despite rates edging up and inclement weather during much of February, eight counties in the Northwest MLS report showed year-over-year gains in pending sales: Adams, Douglas, Grant, Kitsap, Lewis, Pacific, San Juan, and Walla Walla.

System-wide, there were 7,724 pending sales in February, a YOY drop of 7.5%, but compared to January when brokers reported 7,394 sales, the pending volume increased 4.5%.

Northwest MLS member-brokers reported 5,812 closed sales during February for a 10.4% increase over the year-ago total of 5,265 closings. The median price on last month’s completed sales jumped more than 15% from a year ago, increasing from $445,000 to $512,000. Twenty of the 26 counties in the report showed double-digit YOY price gains.

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Source: NWMLS 3/4/21

 

2904 S Proctor St, Tacoma, WA 98409

$282,500

3 bedrooms; 3 bathrooms; 1,431 square feet

Don’t miss this fresh & bright townhome! You’ll appreciate newer paint & floors thru-out, open floorplan & luxury vinyl plank on the main flr. Enjoy the cozy gas fireplace, stainless steel kitchen apps & master bedrm w/vaulted ceiling, Mt Rainier view & lighted double closets. The master bath includes elegant tile backsplash & skylight. Features include a loft ideal for work/studying, bedrm & bath on main, & bedrm w/ensuite bath up. Relax, BBQ or garden on your private patio. There’s numerous closets, as well as storage space & shelves in the tandem garage. All appliances include a transferable warranty. Huntington Hill is a beautiful & conveniently located gated community w/visitor/extra parking on the E side of the bldg & in other areas.

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Sold 4/15/21 for $330,000

Considering Buying a House? 6 Signs That Confirm You’re Ready

Are you sick of paying monthly rent that contributes to someone else’s mortgage payment? Are you craving the freedom to repaint walls? Or, are you looking to build wealth through what is often considered a smart investment? If so, it sounds like it may be time to start your homebuying process.

Consider these six reasons that help affirm you’re ready to become a first-time homebuyer.

1. You crave the freedom to personalize and renovate

Owning a home gives you the freedom to express yourself by completely customizing interior and exterior spaces. You no longer have to abide by regulations regarding wall colors or hanging art.

Additionally, you can remodel and renovate your home as you see fit. From small projects, like changing cabinet pulls, to big projects, like tearing down a wall or adding hardwood floors, you have the authority to make decisions regarding design.

2. You’ve outgrown your space

An obvious reason to move is when you’re tight on space. For many, this could be because you’re expanding your family – think a baby on the way, more pets, aging children who want their own bedrooms or in-laws that are here to stay.

A shift in lifestyle patterns, like working from home and online schooling, means you may be on the hunt for more quiet workspaces. And, if you have hobbies or own outdoor equipment, it may also be time to assess your storage needs – like an attic or garage.

3. You seek outdoor accessibility

In apartment living, outdoor space is limited – and sometimes crowded. When you buy a home, a criterion may be a grassy yard, deck or patio space. Whatever your preference may be, you’re likely seeking a way to enjoy the outdoors with privacy.

Having your own outdoor space means room for entertaining and room for exercise. Plus, you can accentuate the curb appeal of your home with exterior décor like potted plants, flower boxes, furniture and seasonal holiday flare.

4. You’re done with fees and rules

A major downside to renting is paying for a property that you do not own, and therefore is not your personal investment. Apartment fees go toward necessary services, like garbage disposal, but also may contribute to amenities you don’t use, like a gym or pool.

Additionally, apartment communities often have time restrictions and limited hours on resources you would like to take advantage of.

5. You’re ready to make an investment

Have you been saving for a down payment? Though the initial cost can often be a barrier to entry for first-time homebuyers, the down payment may not need to be as high as you think.

Once you’ve saved enough money for that initial investment, however, the monthly costs associated with homeownership can be similar to what you would have paid in monthly rent. Only this time, your payments contribute to your property becoming an asset. The more you pay off your mortgage, the more valuable your home is to your personal net worth.

6. Long-term happiness

One of the biggest reasons to purchase a home is for the stability and security it provides you and your family. You can truly settle into the space and life can slow down a bit.

With the ability to personalize most aspects, and by thinking of it as a long-term investment, a home of your own becomes the place you cross milestones, celebrate holidays and create lasting memories.