January 2021 market Update

A recap of an anything but ordinary year

2020 started off as any ordinary year.  We had made our New Years resolutions (& broken at least one!). We had pondered our goals and travels for the next year.  Real estate was no different.  The previous year had been strong, a slight sellers advantage due to low inventory and low interest rates.  A slight seasonal dip with the promise of a strong spring market.  Then WHAM!  COVID took us all by surprise.  The initial lock downs created havoc everywhere; work, school & home.  In the real estate world,  sales cancelled or stalled, open houses went away, potential buyers and sellers spooked. But after a short month or so the market changed. Buyers, eager for deals came out. People were now able to work remotely & needed space.  Commute time was no longer as big an issue.  The result was an exodus from the urban areas to the suburbs and beyond. Multiple offers, waived inspections, and other buyer concessions became not just normal but ‘required’ if you wanted the deal. This market change has lasted throughout the holiday season into January as buyers had no travel plans and little else to distract them. And no change is expected in the near future.
According to a recent press release by the 23 county NWMLS, house & condo prices increased by 12.2% to $488,000 from December 2019 to December 2020. Single family homes set the pace with a 12.9% jump with condo’s far behind at 1.8%. This is no surprise as houses with more space are suddenly more in favor than their smaller counterparts. See below for more detail on your area, or reach out and we can chat more specifically about your area or home style.

AreaMedian Priceyear over Year change
23 County MLS$488,000+12.2%
King County$675,000+8.9%
Pierce County$430,000+16.4%
Snohomish County$530,000+7.2%
Seattle$720,000+9.1%
Bellevue$1,080,000+9.6%
Issaquah$765,000+13.4%
Kirkland$934,900+27.2%
Source NWMLS – info deemed reliable but not guaranteed

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