December 2020 NWMLS Activity

Demand continues to outpace supply as pending sales rip away at any increases in supply! Data for December showed double-digit increases in new listings, pending sales, closed sales and prices.

Northwest Multiple Listing Service (NWMLS) brokers added 5,260 new listings to inventory in December (highest since 2010’s count of 5,460); an increase of 39.3 percent from the same time a year ago. The total listing count at month end was 4,732 units (down 44 percent from last December’s total of 8,469 units). Measured by months of inventory, the overall market only has about a 2 week supply (0.53 months). This is Crazy Low!!

Pending sales continued to outpace new listings as agents logged 6,883 mutually accepted agreements; an increase of 15.8 percent over December of 2019 where that number stood at 5,943 pending sales.

For the 9,008 closed sales of single family homes and condos last month, prices rose nearly 12.2 percent from a year ago…increasing from $435,000 to $488,000. Looking at the 7,848 closed sales for single family homes alone, prices rose 12.9 percent; closed sales of the 1,160 condos were up on 1.8 percent.

It is certainly a seller’s market and buyers should not be waiting for a significant increase in inventory or a decrease in prices anytime soon. With the ongoing lifestyle and jobs changes along with low interest rates and a migration away from city centers, buyers should be ready to pull out many of the stops when looking to ‘win’ a property. Hewitt Property Group can help you accomplish your goals in this competitive market; contact us today!