Tuesday, December 08, 2020

Seattle Real Estate in November: Sales up 22% YoY, Inventory UP 27% YoY

by Calculated Risk on 12/08/2020 01:52:00 PM

Note: Inventory is down sharply in the Northwest almost everywhere except Seattle. And inventory is low in Seattle too.

The Northwest Multiple Listing Service reported Northwest MLS brokers say real estate activity across Washington remains strong

The Northwest MLS report summarizing November activity shows strong year-over-year (YOY) increases in closed sales (up about 23%) and prices (up 13.8%). Pending sales (mutually accepted offers) rose 7.9% from a year ago, and the year’s saga of depleted inventory continued last month with the number of total listings down nearly 43%.
...
Windermere Chief Economist Matthew Gardner said even though the housing market has started to show some signs of its traditional winter slowdown “activity remains higher than we would normally see at this time of year. This isn’t too surprising given the fact that the spring selling season was essentially cancelled due to COVID-19.”
emphasis added
The press release is for the Northwest MLS area. There were 8,875 closed sales in November 2020, up 23.0% from 7,216 sales in November 2019.

In King County, sales were up 23% year-over-year, and active inventory was down 18% year-over-year.

In Seattle, sales were up 22.2% year-over-year, and inventory was up 27% year-over-year..  This puts the months-of-supply in Seattle at just 1.7 months.