Springtime is notorious for being the start of real estate season, but spring came much earlier this year!
In the last year, we’ve evaluated what we really need within our homes and how it functions with our daily lives. Homebuyer demand has largely been driven by the need for more space and the conveniency of remote work. However, as of recently, mortgage rates are beginning to trickle upwards and many buyers are looking to take advantage while they still hover at historic lows. Multiple offer scenarios have become the new norm in our region, and as a result, homes are selling for 14 percent more than they did a year ago. To paint the picture of our market briefly before the pandemic began, since March 2020 the total number of active residential listings in King County has decreased by 61 percent.
It’s important to keep in mind that with the unprecedented year we’ve had, it’s expected that we’ll have an unusual market. Many national experts predict that Seattle will be a resilient leader post-COVID-19 due to our strong economic gains and phased approach toward reopening businesses. As vaccinations become more readily available, and businesses continue to open back up, economists have optimism about inventory increasing this spring and summer, and specifically in the next 60 days. For sellers, this could be an optimal time to consider listing your home if you’ve been on the fence!
Realogics Sotheby’s International Realty examines five key markets each quarter to find out where the market has been, and where the trends might lead us next. Check out the reports below for a more in-depth analysis for Q1-2021.Market Trends Around the Sound | Q1- 2021 >>