The Spokane market continues a sales pace similar to last year and to have more demand than supply, however inventory is beginning to see modest growth.
Source: SAR MLS 11/21
Spokane Association of Realtors® Home Sales Report for October 2021
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RE/MAX National Housing Report for October 2021
October Homes Sales See Atypical Drop,
Squeezed by High Median Price,
Record-Low Inventory
Pinched between a steep median sales price of $336,000 and record low inventory, October home sales tumbled 6.4% from September – almost double the typical seasonal decline. September had near-record sales, which also contributed to the steepness of the month-over-month sales decrease.
October’s inventory dropped 12.7% from September to the fifth-lowest level in the report’s 14-year history, and October’s 1.3 Months Supply of Inventory tied for second lowest in report history, alongside July and August of this year.
September-to-October averages for 2015-2019 illustrate what’s typical in the fall. With just two months of home sales remaining, the fall of 2021 is mirroring seasonal norms in many ways, unlike 2020, but the lack of inventory amid strong demand is exacerbating those moves. For example, the drop in home sales of 6.4% from September was nearly twice the 2015-2019 average decline of 3.3%. Year over year, sales were down 10.2%.
Also, reflecting both the number of homes coming on the market and the speed of sales, the 12.7% month-over-month drop in active inventory was more than double the 2015-2019 September-to-October average decline of 5.3%. Inventory was down 28% year-over-year and has declined month over month in all but June and July this year.
One exception is the Median Sales Price, which rose 0.8% from September, in contrast to the average September-to-October drop of 1.3% in 2015-2019. The Median Sales Price is up 11.8% over October 2020. October’s Median Sales Price of $336,000 tied the record set in June 2021. Home prices have now increased year over year for 34 consecutive months.
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Washington State NWMLS Market Snapshot for October 2021
Buyer hesitancy sidelines some, while
others compete for scarce housing inventory
Northwest Multiple Listing Service brokers are detecting indecisiveness by some buyers who are getting mixed “work from home” messages from their employers. The hesitancy, coupled with cooler, wetter weather and increases in mortgage rates were likely factors in slower listing and sales activity during October.
Northwest MLS brokers reported 10,620 pending sales last month, a drop of 3.8% from a year ago and a decline of 6.2% from September. Pending sales volume fell in 13 of the 26 counties in the MLS report, but tight inventory could be hampering the ability of buyers to find their dream home.
The latest report shows there were 9,983 closed sales during October. That was 823 fewer completed transactions than a year ago (down 7.6%) and 306 fewer than September (down about 3%).
House hunters were able to select from 9,219 new listings MLS added to inventory last month. That was 1,209 fewer than the same month a year ago for a drop of 11.6%. Compared to September, new listing activity shrunk nearly 19%.
At month end, there were 6,588 active listings in inventory, down 23.6% compared to a year ago, and the smallest selection since June, but the selection improved by double digits in eleven counties.
Measured by months of supply, there was less than three weeks of supply area-wide (0.66). Eleven counties, including eight in the Puget Sound region, had less than one a month of supply.
Would-be buyers will find prices for single family homes and condos are 15% higher than a year ago, with most counties reporting double-digit gains. Area-wide, the price for last month’s closed sales was $575,000, which was $75,000 higher than twelve months ago. For single family homes (excluding condos), prices rose 16.3% YOY, rising from $515,000 to $599,000. Condo prices were up about 11.3%, increasing from $395,000 to $439,475.
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Source: NWMLS 11/4/21
REMINDER: Ballots are due today!
To find out where Seattle-King County candidates stand on issues affecting homeownership, you may review the Seattle-King County REALTOR® Voting Guide: https://www.nwrealtor.com/advocacy/voting-guide
To view a list of Tacoma-Pierce County candidates that received endorsements from the Tacoma-Pierce County REALTORS®: https://tpcar.org/tpcar-2021-general-election…
For the list of Spokane Association of REALTORS® endorsed candidates: https://www.spokanerealtor.com/2021election-update
Feel free to reach out to me for information about REALTOR® endorsed candidates in other areas. I’ll be happy to help you support candidates that support homeownership!
RE/MAX National Housing Report for September 2021
September Home Sales Down Slightly as Inventory Challenges Persist
With three-quarters of the year complete, 2021 is mirroring seasonal norms, unlike 2020, but maintaining strong momentum. September home sales dropped 7.0% from August’s total and the Median Sales Price slipped 1.1% to $329,000 – both far less than the typical drop-offs as summer gives way to fall.
With abnormally high second-half home sales in 2020 skewing year-over-year comparisons, August-to-September averages for 2015-2019 illustrate what’s typical in late summer-early fall:
• The drop in home sales of 7.0% from August was less than half of the 2015-2019 average decline of 15.3%. Year over year, sales were down 4.2%.
• The month-over-month Median Sales Price decline of 1.1% was one-third of the 2015-2019 average August-to-September drop of 3.4%. Year over year, the Median Sales Price is up 12.5%, with September being the fourth highest in report history. Home prices have increased year over year for 33 consecutive months.
• Reflecting both the number of homes coming on the market and the velocity of sales, the 4.9% month-over-month drop in active inventory was more than double the 2015-2019 average August-to-September decline of 2.3%. Inventory was down 23.6% year-over-year. Nine months into 2021, inventory has declined month over month in all but June and July.
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Spokane Association of Realtors® Home Sales Report for September 2021
The Spokane market continues a sales pace similar to last year and to have more demand than supply, however inventory is beginning to see modest growth.
Source: SAR MLS 10/21
Washington State NWMLS Market Snapshot for September 2021
Northwest MLS brokers report gains in
new listings, closed sales, prices versus year ago
The 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).
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.
As 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.
Figures for single-family homes only (excluding condominiums) were more encouraging. Inventory declined only about 4% from a year ago. Seventeen counties reported YOY gains, with two others unchanged from year-ago levels.
King County, one of the exceptions, had the sharpest decline in inventory for single-family homes. The selection of single-family homes plummeted from the year-ago volume of 2,420 to 1,634 (down 32.5%).
Watch the 1.5 minute market report video
Source: NWMLS 10/6/21
Fall Home Maintenance Tips: From Raking Leaves to Mitigating Frost Heaves
Fall is the season of change, from the color of leaves to daylight hours to temperature. And during this time, homes face the effects of drastic fluctuations in weather as summer slowly fades away.
Before snow creeps its way into the forecast, take the time to prepare your home in advance for colder days ahead.
Assess drainage
Foliage is beautiful, but those fallen leaves can be pesky. Take time to unclog gutters to ensure snowmelt efficiently drains off of your home without causing damage to its exterior.
While you’re at it, have a professional address any leaks in the roof now before wetter weather identifies them for you. And at the end of the fall, don’t forget to drain outdoor hoses and faucets to prevent them from freezing, breaking or bursting.
Get the HVAC system in order
Don’t wait until the first frost to test out your heating system. Schedule a maintenance appointment with an HVAC professional this fall to guarantee you can be toasty in a moment’s notice. Check up on the filtration system while you’re at it – experts suggest replacing the filter in your heating system every two to three months to prevent buildup.
Invest in outdoor furniture covers
Once days grow cold, using patio furniture will be on pause until spring. To keep furniture in good condition – and to preserve your grill – look for heavy duty, waterproof covers. Purchasing these for preservation can help prevent having to replace items down the road, potentially saving you big bucks.
Autumn also marks the time to store away other lawn ornaments, like ceramic flowerpots, to prevent cracking.
Fix driveway cracks
Existing cracks in pavement will only expand and even crumble when water – or snow – seeps in. Concrete sealer is readily available at hardware stores and can ultimately save you from needing to repave the whole driveway once those frost heaves start creeping up.
Stock up on snow supplies
Ever been running late and can’t find your scraper after a snowfall? Stock up now on snow supplies like a shovel and sand for the driveway and a sturdy scraper for the car windshield. For those without a garage or covered parking, check out windshield covers that line the windshield end-to-end preventing snow and ice buildup.
If you live in a remote area, consider preparing a car kit for winter emergencies, including items like snacks, a flashlight, blanket, ice scraper, jumper cables and any other essentials.
Clean your fireplace
Deep clean the base of your wood-burning fireplace before it gets to work this coming winter. Schedule an appointment with a chimney sweeper to ensure all apparatus – including the flue – are safe and functioning accordingly. The National Fire Protection Association of America recommends having a professional inspect your chimney at least once per year.
Control airflow
Assess your home, especially windows and doors, for drafts. With weather-stripping, film wrap, physical blockers and other DIY methods, you can prevent the cold draftiness that often results from having older windows. While keeping you more comfortable, doing so can also help save money on heating costs.
A lesser-known tip for controlling airflow within the home is to reverse the direction of your ceiling fan. In the summer months, the ceiling fan should spin counterclockwise pushing down cold air. In the fall, reverse its direction using the button on the fan’s base to counterclockwise, which will pull cold air up and keep the lower half of the room warm.
RE/MAX National Housing Report for August 2021
Dips in Home Sales and Prices
Mirror Traditional Late-Summer Moves
August home sales dropped 3.5% from July’s total – and the Median Sale Price slipped 1.2% to $335,000 – as seasonal norms signaled that 2021’s busiest homebuying and selling months are probably behind us. Despite these drops, August still almost broke records for home sales signaling a still-hot market.
August’s low number of Days on Market (24) and meager Months Supply of Inventory (1.3) reversed two months of inventory gains as strong demand amid tight inventory conditions persisted.
With year-over-year comparisons skewed by the pandemic, July-to-August averages for 2015-2019 illustrate what’s typical in late summer:
• The month-over-month decline of 1.2% in August’s Median Sales Price compares with the 2015-2019 average July-to-August drop of 1.0%. Year over year, the Median Sales Price is up 13.2%.
• The 6.2% month-over-month drop in active inventory was nearly double the 2015-2019 average July-to-August decline of 3.3%. Inventory is down 26.7% year-over-year.
• Home sales dropped 3.5% from July, compared to the 2015-2019 average decline of 2.1%. However, August home sales were one of the largest totals of any month in the 13-year history of the report and the second-largest for the month and year over year, sales were up 0.6%.
August’s average Days on Market of 24 was one day more than July and reflected sales that were 18 days faster, on average, than in August 2020. The Months Supply of Inventory in August of 1.3 declined from July’s 1.5 and was significantly less than August 2020’s 1.9 Months Supply.
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Managing The Real Estate Details 