active buyer pool generates the most August sales in three years
the other hand, that will dictate the trajectory of King County’s housing market as we turn the corner into 2021.
socialize (with extended family and friends)? And to the extent that these decisions are the driving force behind the recent shift in the composition of homes sales, is it a permanent shift or short-term adjustment within the marketplace? On the latter point only time will tell, though it is likely that in the longer-run more historically-typical purchasing patterns will re-establish themselves. Having said all of this, it is notable that sales in King County during the first eight months of 2020 have been slower than in the same period from one year earlier (by 8%) with the demand for residential homes and condos down by a similar magnitude. (Specifically, residential sales between January and August 2020 were down 8% versus the same period last year, while condos sales were 9% lower.) As we enter the year’s final months it will be the competing effects of continued job recovery, historically-lowmortgage rates, and pandemic-related pent-up demand on the one hand, and the potential for a second wave of covid-19 to further disrupt the economy on
After registering 3,570MLS sales in July, King County home buyers were active again in August, with last month’s total sales reaching 3,588. While August has not historically been the most active month for sales, with many would-be buyers and sellers spending more time at beaches than open houses, this August’s sales were the highest of any month in 36 months. Compared to August 2019, last month’s sales tally was up 11%, and it was 16% above the past-decade average for the month. Interestingly, residential sales were up by 10% versus last August (and 19% versus the past 10-year average), while condo sales were up only 8% (5% above average). Whether or not this shift towards ground-oriented homes is a reflection of changing housing needs or preferences in response to the pandemic that began to materially impact King County in March is an interesting question to consider, along with others: are buyers seeking more space for themselves and their families as the plan to not only live but increasingly work in their homes? Are buyers seeking more storage space? More space to distantly-
Copyright © 2020 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 ofJuly 1, 2020. 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
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