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Monday, January 11, 2021

Seattle Real Estate in December: Sales up 31% YoY, Inventory UP 39% YoY

by Calculated Risk on 1/11/2021 10:55:00 AM

Note: Inventory is down sharply in the Northwest almost everywhere except Seattle. And inventory is low in Seattle too, but was even lower a year ago.

The Northwest Multiple Listing Service reported “Extraordinary market conditions” sustain strong home sales around Washington state during holidays

“Insatiable buyer demand” is keeping inventory scarce as house hunters try to outmaneuver and outbid each other, according to reports from Northwest Multiple Listing Service (NWMLS). Its statistical summary for December showed strong activity throughout the holiday season with double-digit increases in new listings, pending sales, closed sales, and prices.
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“As more people are working from home, they are also purchasing properties further afield from Seattle,” observed James Young, director of the Washington Center for Real Estate Research at the University of Washington. He singled out Chelan, Clallam, Grays Harbor, Kittitas, and Mason as counties that had year-over-year price growth of 20% or more. The MLS report also shows Pacific and Whatcom counties with 20% or higher price gains.

“The velocity of the December market is a harbinger of the 2021 market as tight listing inventory, low interest rates, and high buyer demand continue to drive momentum,” remarked NWMLS director John Deely, executive vice president, operations at Coldwell Banker Bain. “Every market serviced by NWMLS was trending below December 2019 for total active inventory,” he noted. “In King County, despite a nearly 62% increase in new listings compared to a year ago, the insatiable buyer demand quickly absorbed available properties,” he added.
emphasis added
The press release is for the Northwest MLS area. There were 9,008 closed sales in December 2020, up 27.0% from 7,093 sales in December 2019.

In King County, sales were up 28% year-over-year, and active inventory was down 14% year-over-year.

In Seattle, sales were up 30.7% year-over-year, and inventory was up 39.5% year-over-year..  This puts the months-of-supply in Seattle at just 1.2 months.