King County’s housing market wades into new territory King County has surpassed its previous high for full-year MLS sales through just the first eleven months of 2021. With inventory levels sagging to two-decade lows, conditions continue to strongly favour sellers.
of inventory decline between November and December sitting at 18%, the final inventory tally in 2021’s final month could be somewhat jarring. As the holiday season approaches and would-be sellers focus on decorating their homes rather than staging them, it sure seems likely that we will see inventory continue to decline through to the end of the year, to a number that perhaps seemed unthinkable at this time a year ago. The challenging environment that currently faces would-be buyers (and sellers looking to make a move—but who are unwilling to list for fear that they promptly sell and then are not able to buy) is showing few signs of changing course. Without a substantial influx of new listings, these conditions are likely to continue into at least the early part of 2022.
There has been much discussion of late about the scarcity of inventory in our local housing market (particularly in this space) and the challenges it presents for both potential buyers and sellers. In spite of these challenges and others, King County’s housing market continues to reach new heights of activity. While the discussion around closed sales has taken a backseat to homes available for sale, sales have continued to trend at historically-elevated levels (noting that the comprehensive data source we use to produce this report goes as far back as January 2006). This has resulted in 2021’s total MLS sales count, through November, reaching 27,949—surpassing the previous high for full-year sales set in 2006. And with December still to come, it’s possible that we’ll surpass 30,000 sales for the first time.
The story specifically for the month of November is similar to the year-to-date tale, with last month’s sales count of 2,387 representing a 24% increase over the previous 10-year average. These sales were achieved in spite of the fact that we entered November with the lowest number of homes for sale in any October since 2006. The pace of new listings was not sufficient to grow October’s inventory into November, with November’s 1,767 homes for sale being the fewest seen in this region since 2006 (also a 55% decrease from November 2020 and 72% below the 10-year average for November). This November is the first time inventory has dipped below 2,000 in any month, even as December has historically been the month of the year with the fewest homes for sale. With the typical seasonal pattern
Copyright © 2021 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 08, 2021. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 3
Made with FlippingBook - professional solution for displaying marketing and sales documents online