Real Estate News
As the cooler temperatures have arrived and fall is in the air, the real estate market continues to remain toasty warm and strong. Recent 3rd quarter economic reports credit the housing market on a national level, as it appears to be one of the main driving forces for the US economic recovery through Covid-19. The Feds have done a great job keeping the interest rates historically low. Homeowners and buyers have been able to capture these rates for refinances and new purchase loans in an effort to set themselves up for greater long-term success. Want to BUY? Here for you and in support. Ready to align strategy with your needs and wish list.
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Real Estate Market Intensity is Extreme
Real estate market activity continues to rise, even as temperatures fall. It’s like the whole market is watching for each new listing!
EASTSIDE: “We are virtually sold out of homes priced up to $1.5 million on the Eastside. This price range, which comprises 86 percent of sales activity locally, has sales activity intensity that ranges from surge to extreme frenzy. In the luxury market on the Eastside, sales activity intensity is at frenzy in the $1.5 to $5 million range. Buyer activity is healthy for homes priced above $5 million.”
SNOHOMISH COUNTY: “We are nearly virtually sold out of homes priced up to $1.5 million locally. This price range, which comprises 96 percent of sales activity locally, has sales activity intensity that ranges from frenzy to extreme frenzy. There is a shortage of unsold inventory in the luxury price range of $1.5 to $2 million and surge sales activity intensity. For homes priced above $2 million, buyer activity is selective.”
“The $500,000 to $1 million price range, which is the core market in Seattle, is nearly at frenzy level sales activity intensity. There is a severe shortage of unsold inventory in this range, which comprises 60 percent of sales activity locally. In Seattle’s luxury market, there was a significant increase in luxury homes in the $1 to 2 million range that went under contract in Oct. 2020, compared to Oct. 2019. Buyer activity is selective for homes priced above $2 million.”
~J. Lennox Scott – Chairman and CEO.
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