© Mariko Mitsui Real Estate

Volume 1 2021 Issue“E xtraordinary market conditions” sustain strong
home sales around Washington state during holidays“Insatiable buyer demand” is keeping inventory scarce as house hunters try
to outmaneuver and outbid each other, according to reports from Northwest
Multiple Listing Service (NWMLS). Its statistical summary for December
showed strong activity throughout the holiday season with double-digit
increases in new listings, pending sales, closed sales, and prices.
Northwest MLS brokers added 5,260 new listings to inventory during
December, a hefty 39.3% increase over the same month a year ago. Lastmonth’s additions fell short of meeting demand as members reported 6,883
pending sales (mutually accepted offers). That number surpassed the year-ago
volume by 940 transactions for an increase of 15.8%.
Pending sales were especially robust in several counties where year-overyear (YOY) gains of 25% or greater were notched, notably Grant (up 133%),
Kittitas (up 55%) and Pacific (up nearly 43%).
“As more people are working from home, they are also purchasing
properties further afield from Seattle,” observed James Young, director of theWashington Center for Real Estate Research at the University of Washington.
At month end, there were 4,732 total active listings system-wide in the MLS
database, which encompasses 25 counties. That’s down 44% from a year ago
when the selection included 8,469 listings. Measured by months of inventory,
there is only about two weeks of supply (0.53 months) overall.
Home prices continue to rise. For the 9,008 sales of single family homes
and condos that closed last month, prices jumped nearly 12.2% from a yearago, increasing from $435,000 to $488,000. Only three counties (Ferry,Okanogan, and San Juan) reported year-over-year price drops, while nearly allother counties had double-digit gains, according to the NWMLS report.
“Housing market activity is truly off the charts,” exclaimed J. Lennox Scott,chairman and CEO of John L. Scott Real Estate. He described activity for new
listings going under contract as “frenzy-level,” fueled by low interest rates
and a huge backlog of buyers.
“Now that the holiday season is over, local housing markets will see a surgeof buyers entering the market in 2021,” Scott predicts. He also reported those
who can work from home are moving to lifestyle/destination markets further
outside city centers.
Windermere Chief Economist Matthew Gardner stated “As we move into
2021, I expect continued strong demand from buyers, but unfortunately, thelikelihood that there will be any significant increase in inventory is slim. As aresult, I believe prices will continue to rise, which is good news for sellers, butraises concerns about affordability. This, combined with modestly risingmortgage rates, could end up taking some steam out of the market but overall,
I expect housing to continue being a very bright spot in the Puget Soundeconomy.”Market Activity Summary for December 2020Listings
Single Family

New

Homes & Condos Listings

Closing Sales

Total

Pending

Closings

Average

MedianB reakouts! – Residential SOLD Average
December 2020 (King/Snohomish County) SOLD Average
Area (Area Code)2020 VS2019

522,065$

472,925

10.39%

Kent-Maple Valley (320-340)$

598,311$528,319

13.25%

West Seattle (140)$

747,389$

694,482

7.62%

SODO-Beacon Hill (380-385)$731,363$

709,149

3.13%

E.lake-Madison-Capital Hill (390)$

1,317,086$ 1,253,217

5.10%

Queen Anne-Magnolia (700)$1,191,982$ 1,159,717

2.78%*Belltown-Downtown Seattle(701)$

823,364$

816,750

0.81%

Ballard-Greenlake (705)$

912,833$

807,775

13.01%

North Seattle (710)$942,289$

887,949

6.12%$

Shoreline/Richmond Beach (715)$

840,694859,220-2.16%

Bellevue Downtown (520)$

3,690,566$ 2,731,378

35.12%

Mercer Island (510)$

2,352,120$ 1,770,319

32.86%

Bellevue South-Newcastle (500)$

1,326,542$ 1,132,486

17.14%

Renton Highlands-Downtown (350)$804,878$

24.16%

Microsoft-Bellevue East (530)$1,217,416$ 1,262,783-3.59%

Kirkland Downtown (560)$

1,665,718$ 1,359,427

22.53%

Redmond (550)$

1,004,548$

986,001

1.88%

Issaquah-Sammamish (540)$

1,116,957$ 1,015,363

10.01%

Juanita-Bothell-Woodinville (600)$

1,056,206$942,938

12.01%

Bothell North-Mill Creek (610)$785,418$699,13112.34%

Edmonds-Lynnwood (730)$746,767$

601,28324.20%

Everett-Mukilteo-Snohomish (740)$628,391$

537,065

17.00%

648,261*Condominium SOLD AverageHome ownership vs Renting
In most parts of the country owning a home is more affordable thanrenting one according to ATTOM Data Solutions' 2021 Rental
Affordability Report. The company looked at the median price of athree-bedroom home in 915 U.S. counties and the rent for a comparable
home and found owning more affordable 572 or 63 percent of them.
Home-prices are rising faster than rents and wages in a majority of thecountry. Yet, home ownership is still more affordable, as amazingly
low mortgage rates that dropped below 3 percent the cost of risinghome prices in check," said Todd Teta with ATTOM Data Solutions.

Price

Price

2,351

3,096

$837,507$676,000

Snohomish

806

373

1,018

1,413

$590,450$535,000

Pierce

898

515

1,156

1,538

$479,229$430,000

Gina Brown (NMLS#115337)

Total

3,497

2,837

4,525

6,047

$635,729$547,000

Senior Loan Officer

A new study by Redfin has concluded that six of the nation's 10 mostcompetitive real estate markets are in Western Washington, with five ofthem in the greater Tacoma area. And no area is hotter right now than
Spanaway, where the report finds nearly 69% of homes sell above list

Average $Dec. 2019

$

1,949

S panaway is the hottest real estate market

Average $Dec. 2020

Auburn-Federal Way (110-310)

1,793

King

Active# ofprice and are only on the market an average of five days -- eight days
fewer than last year, Redfin reports. Overall home prices in the area
were up nearly 21% from last year and supply was down nearly athird. The town rated a 98 on Redfin's 100-point scale determining
which markets are most competitive. Close behind on the list are
Lacey and Tacoma, both scoring a 96, where homes typically last justsix days on the market.

425-766-5408
gina@gmgloan.com
www.loansbygina.com

Weekly Primary Mortgage Market Survey® (PMMS®)
January 9, 2021
Regional Breakdown

Average Rates
Fees & Points
APR

30-Yr
FNMA
2.375%

30-Yr
FHA
2.25%

15-Yr
FNMA
2.00%

5/1
ARM-*All loans are with a one point origination fee.

2.510%

2.580%

2.240%-**** 5/1 ARM’s are not pricing right now due to liquidity issues
with the Forbearance due to COVID 19** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional