a spring in the step of the fall market and a look ahead to 2021 King County’s housing market has retained the momentum that originated during the late spring and early summer, with a robust level of sales through November. On balance, signs are pointing towards a continuation of recent trends into the new year.
25% compared to last year and 37% versus the long-run average. More housing tailwinds than headwinds in 2021. Despite the ubiquitous tumult of 2020, global housing markets—including ours—have been resilient. As we look ahead to 2021, there are a number of reasons to think that the markets for all things, including housing, will have a bumper year. Reasons for optimism include the impending (at the time of this column’s writing) FDA approval of a covid vaccine and the corresponding potential for a return to full employment, continued historically- low interest rates, and the possibility of increased immigration under the incoming President’s administration. While all of this must be balanced against the risks of unprecedented growth in public debt and uncertainty around the resolution of covid, here’s to looking forward to a year filled with prosperity and good health for all.
As we near the end of a rollercoaster year that has been 2020, we share the latest data and three insights into our housing market. The fall market sure feels like spring. On the heels of sales counts not seen in at least 20 years in each of September and October, King County’s November showing continued the trend, tallying 3,271 MLS sales. This was 28% higher than November 2019 and 39% higher than the past-decade average, after October and September counted sales that were 45% higher and 41% higher than the long-run averages for their respective months. On top of all of this, November marked the fifth consecutive month of at least 3,000 sales, the first time we have seen this in over two years. All of this puts our recent monthly sales counts in the company of a typical late-spring and early-summer month
(with sales having averaged between 3,100 and 3,300 monthly between May and July over the past decade). The Bellevue market was more active than that of Seattle in November. We have previously noted the impact that covid has had, at the margin, on the spatial distribution of sales in King County, with larger homes with more indoor and outdoor space being highly coveted. While this would typically be to the benefit of Seattle’s sales counts—as three-quarters of sales in Seattle over the past two years have been non- condos, versus 60% in Bellevue—buying activity in Bellevue was robust in November. To wit, the 236 sales in Bellevue in November were 52% higher than one year ago, and 54% above the past-decade November average. This compares to Seattle, where November sales were up only
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 of December 10, 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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