Not much changed in the real estate market this month. Buyer demand mixed with limited housing supply is still the story. Across the nation, us Realtors continue to show homes in high volume and this activity remains a lot higher than the year before. There are multiple offer situations in many areas. The deal is, there's just not very many homes on the market. This is because of the COVID-19 cooties, there just aren't any signs of this changing either.
Good news is, unemployment insurance weekly initial claims have been far lower than the new normal. Their peak was in March and April. Bad news is, there's currently more than a million claims being filed each week. Plus, there are more than 31 million people claiming benefits in all of the programs as of early July. For prospective, there were about 2 million in July 2019. It's amazing to me, how home buyers just keep moving along! Mortgage rates are still near record low levels and applications to purchase are up from even a year ago. Experts say we should expect high buyer activity to continue into the late Summer and into the Fall.
Here are the numbers:
Seattle's Housing Market at a Glance
For the Central Puget Sound:
King, Kitsap, Pierce and Snohomish Counties
- Closed Sales, decreased 0.1% for Residential homes and 6.0% for Condominium homes.
- Homes with Offers, increased 27.2% for Residential homes and 22.3% for Condominium homes.
- Current Homes for Sale, decreased 44.7% for Residential homes and 11.2% for Condominium homes.
- The Median Sales Price, increased 13.5% to $575,000 for Residential homes and 9.5% to $405,000 for Condominium homes.
- Days on Market, decreased 12.5% for Residential homes and 14.8% for Condominium homes.
- Months Supply of Inventory, decreased 45.0% for Residential homes and 9.1% for Condominium homes.
If you have a little time on your hands, you might like to check out one of my previous posts? You can find them here: www.vivaseattle.com/blog
Now for my personal share time with you.
It's been tough to exercise. I've been fighting the COVID 10 lbs that keep trying to pack on. Recently, I decided to take Scull Row Crew lessons. Sheesh, I'm still not sure what to call it... Well, other than fun and tiring, I think it's been really good for me. Here's me with my new coach, Gil. He took a video of me on my second lesson, so you could see. It's ok if you know how to row, see my mistakes and then laugh. Since this video, I've completed my flip test and am now ready to go out with the group to explore the house boats from a whole new angle. Good times!