AUGUST 2020 BP NEWSLETTER
Brokers added the largest monthly number of new listings during July since May 2019, but pent-up demand from homebuyers meant inventory remained tight. Opportunities abound for both buyers and sellers if they’re willing to act quickly. Interest rates at historical lows means those who are looking to purchase their first or even their second home can get much more for their money. First-time homebuyer can obtained a 30-year, fixed-rate FHA secured loan “at an incredible rate of 2.25%!” %!” Depleted inventory means we are seeing multiple offers in just about every market and at every price point. The market is characterized as being in “high gear” during July, with pent-up demand and the need for housing outweighing fears of the coronavirus. Although new listings of single family homes in King County jumped more than 24% from a year ago, the total available inventory dropped to a 10-year low for the month. Single family listings priced at or below market are receiving multiple offers, one recent Seattle listing attracting 40 offers.
A lot of people who would otherwise be content to stay in their homes now rushing to get their homes on the market. Likewise, for buyers – particularly first-timers. It’s the fear of missing out. Last month’s pending sales in King, Snohomish, Pierce and Kitsap Counties were the best-ever for the month of July. Sellers benefit from the highest median home prices, while buyers are taking advantage of the lowest interest rates on record. The combination of the huge backlog of home buyers and being virtually sold out of inventory makes it feel like it’s a multiple-offer everything. This is a historic moment in residential real estate.
An unprecedented eight counties in the NWMLS report had less than one month’s supply of homes and condominiums for sale at the end of July. They included Clark, Cowlitz, Island, Kitsap, Mason, Pierce, Snohomish, and Thurston. Kitsap County continues to be attractive to East Puget Sound buyers as well as stay-at-home professionals. Residents are now enjoying the speedy open-access fiber-optic connections that Kitsap PUD started installing years ago, initially to serve rural areas that lacked broadband access. High speed internet access has become a definite selling point for many homes and building sites.
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EVENTS AND HIGHLIGHTS OF AUGUST
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