While the pace of daily life may seem slow right now, the local real estate market has had an unusually busy summer. The number of new listings in July was up, sales increased, and home prices followed suit.
• While overall inventory is at historic lows, more sellers put their homes on the market. New listings of single-family homes in King County jumped more than 25% from a year ago. Snohomish County saw a 7% increase in new listings.
• Pent-up buyer demand fueled sales activity in July. The number of pending sales was up 17% over a year ago in King County, and up 13% in Snohomish County.
• With buyers snapping up new listings as soon as they hit the market, total available inventory dropped to a 10-year low for the month.
• The lack of inventory is benefiting sellers, and multiple offers are now common at every price point. As a result, single-family home prices rose 7% in King County and 15% in Snohomish County.
The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.