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

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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Watch the 40 second summary video…

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.

Watch the 1.5 minute market report video

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.

360 degree / 3D Tour

Listing Commercial

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.

RE/MAX National Housing Report for January 2021

Sales Approach Pre-COVID Rate of Increase While Inventory and Days on Market Dwindle

• Home Sales increased 13.5% over January 2020
• Inventory decreased 35.7% to 1.7 months supply (a balanced market is 4-6 months)
• Average Days on Market was 40, compared to 59 last year
• Median Sale Price was $285,000, an increase of 11.8% over January 2020

Read the full article…

Watch the 40 second summary video…

The Washington REALTORS® had some big wins this week!

The Washington REALTORS® advocates for REALTORS® and their clients, and we had some big wins this week! ALL real estate sales will be exempt from the new capital gains tax, and the bill for rent control died. Contact me if you have questions about the government affairs that affect your real estate goals; I’ll be happy to help!

Right Now, Human Connection is a Priority – Just Ask Brian Buffini

Brian Buffini believes that prioritizing self-care and the well-being of others is at the forefront of success in 2021.

Buffini is the founder of Buffini & Company, one of the top real estate coaching services that has trained more than 3 million professionals from 37 countries worldwide.

Buffini joined RE/MAX Chief Customer Officer Nick Bailey on a recent episode of Good Morning RE/MAX to share his thoughts for real estate agents growing business and nurturing relationships this coming year.

According to Buffini, between 14 and 23 million people plan to relocate in the next year due to shifting work environments, like work-from-home flexibilities and new remote work policies. Calling this the “decentralization of how people are living,” Buffini says that RE/MAX agents are well-positioned to assist with the needs of buyers and sellers everywhere.

With heightened movement across many markets these days, it remains an asset to be connected with a global network whose affiliates support – and refer business to – one another.

Amid uncertainty, like the persistence of the COVID-19 pandemic, Buffini says an agent’s priority should be on their own well-being, and that of their clients. One essential component lacking from our new routines is human connection.

“There’s never been a better time to call people on the telephone and actually have a conversation – they actually will talk to you. You know, people want to hear you, they want to see you [and] they want to have some kind of human interaction,” Buffini says.

What he calls “pop-bys” – essentially goodie bags with health and hygiene essentials – have become a popular way for agents to show their clients love from a safe six feet away. He says that agent who are dropping off small gifts on their clients’ doorsteps are going a long way in stirring smiles.

“Find a way to reach out to people [with a] personal touch – do the little things,” he says. “Every little personal touch right now, to me, is magnified enormously.”

A real estate agent’s job, by nature, is to be a source of trust and comfort to families during pivotal moments in their lives. And especially during trying times, an agent’s role is more important than ever before.

“There is no technology that competes with personal trust,” Buffini says.

“You can have that old-school philosophy [and] you can have new-school techniques, [technology] and marketing to support it.”

Washington State NWMLS Market Snapshot for January 2021

The NWMLS report covering 26 counties, shows a Year Over Year increase in new listings of single family homes and condos (up about 5.5%) and a jump of more than 16% in closed sales, rising from 5,074 transactions to 5,896. The median price for last month’s sales ($483,250) surged 14.3% from the year-ago figure of $422,750. Pending sales grew slightly from last year (less than 1%) but were up 7.4% from December.

Watch the 1.5 minute market report video

Source: NWMLS 2/4/21

A Summary of My 2020

I’m extremely grateful for all the referrals I received that allowed me to help 21 sellers and buyers in 2020! While managing an office and then opening my own, it was definitely a hustle, but I never mind hustling to help my clients and brokers!