Real Estate Market News
As we close out 2020 and head into 2021, I would like to thank all of those that I’ve had the privilege of finding a home, selling their existing home, or working with your loyal faithful referrals. In addition to this, I’ve been encouraged and appreciate the intangibles that I’ve gained working with each one of you! Developing friendships, getting to know you and those dear to you, our conversations, and knowledge gleaned from your life experiences.
I’m a better person for knowing each one of you. Thank you for a year of growth both personally and professionally.
Sellers market? Absolutely.
Buyers, don’t be intimidated in the current market climate. Home values continue to rise; capture and build equity for yourself! Mortgage rates remain at an incredible all-time low. You might be surprised at what your buying power can actually purchase. Step out towards the goal! Call your trusted loan advisor today. Please consider us a resource when pursuing your vision.
In the new year may you find hope, peace, joy, health, love, happiness, and success!
The Holiday Rush is on for Housing
During the winter months, we see more homes going under contract than new resale listings. The housing market is anything but calm, with sales activity intensity ranging from frenzy to extreme frenzy for homes priced up to $1 million.
EASTSIDE: “We are virtually sold out in this price range, which comprises 93 percent of sales activity locally. In the Eastside luxury market, sales activity intensity is at frenzy and extreme frenzy for homes priced from $1 to 2 million. In the $2 to 5 million range, unsold inventory is at a shortage and sales activity intensity ranges from strong to frenzy. Buyer activity is selective for homes priced above $5 million.”
SNOHOMISH COUNTY: “We are virtually sold out in this price range, which comprises 95 percent of sales activity locally. Overall active listings in Snohomish County in the month of November were down 55 percent compared to Nov. 2019. However, the number of homes that went under contract was higher in Nov. 2020 versus Nov. 2019 due to the high-intensity real estate environment.”
SEATTLE: “We are virtually sold out in this price range, which comprises 82 percent of sales activity locally. In Seattle’s luxury market, there is a shortage of unsold inventory from $1 to 2 million, and sales activity intensity is at surge. In the $2 to 5 million range, sales activity intensity is selective / healthy and the level of unsold inventory is healthy. Buyer activity is selective for homes priced above $5 million.”
~J. Lennox Scott – Chairman and CEO.