August 2021 NWMLS Activity

The seasonal slowdown typically felt during August was certainly apparent in this year’s numbers! When comparing July to August, there was a month-to-month decline in new listings, total active listings, pending sales, closed sales and median prices.

Brokers with the Northwest Multiple Listing Service (NWMLS) reported adding 11,437 new listings to the market in August, down 11.5 percent from July and 4.2 percent from 12 months ago. Total inventory at month’s end was 7,425; down 6.6 percent from July (7,948) and 22.6 percent from August 2020 (9,591). Pending sales of 12,238 again outpaced new listings by 801 units (7 percent). Snohomish County reported the tightest supply with only about 0.49 months of inventory at month end.

The median price for the 10,571 closed sales reported was $579,000; a decrease of $10,000 from July but an increase of 18.2 percent from the same time last year ($490,000). It is believed that we may be nearing a price ceiling and the pace of the home price appreciating will start to cool through the end of the year.

Luxury home sales continue to climb with no signs of slowing. Nearly 15 percent of all home sales so far this year have commanded a price of $1 million or more. The year-to-date total of closed sales for $1 million or more (through August) came in at 10,237; eclipsing 2020’s total of 8,898 units and 2019’s 6,711 units.

Even with the seasonal slowdown, the strong real estate market of the Puget Sound area continues to be evident due to low interest rates and a backlog of buyers still looking for a home. Hewitt Property Group would like to help you with whatever your housing needs may be; whether it’s buying or selling locally or in another part of the country…let us know what you need by contacting us today!