Housing Forecast 2021: after the 2020 holiday season, a surge of buyers will come into the market on Jan. 1, 2021. However, there will be few new listings until March 2021. We anticipate the “cyclone” of housing market sales activity intensity will continue at extreme frenzy-level velocity (where about 90 percent of sales activity takes place) through April 2021. Then, sales activity intensity will probably go down one level of hotness to frenzy or surge over the summer as more listings come on the market for potential purchasers.
Only the city of Seattle has an adequate supply of new resale listings and unsold inventory, resulting in strong market conditions with surge-level sales activity intensity. In other areas, we will remain virtually sold out throughout 2021 in the more affordable, mid-price ranges and into the upper end. The luxury market will remain strong due to the wealth effect in the economy. The strong price appreciation we saw in 2020 will continue in 2021. The biggest price boost will occur within the first four months of the year.
You need to be prepared in a strong market. First and foremost, read the pdf for the full 2021 housing forecast.
2021_housing_forecast_central_puget_sound_downloadLooking toward 2021, we anticipate the residential real estate market will continue to be very active, with strong buyer demand.
J. Lennox Scott ~ Chairman & CEO
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