Key Market Indicators – September Recap 2020
Southwest King County Housing Update - Resale Only
We continue to be virtually sold out in Southwest King County. Additionally, the past three months set individual monthly records for the number of homes going under contract in central Puget Sound as well as an all-time high for the median home price in King County.
There is an extreme shortage of homes priced up to $750,000 in Southwest King County, and sales activity intensity is at extreme frenzy. 94 percent of sales activity takes place in this range. There is low inventory and healthy sales activity in the luxury price range of $1-1.5 million, then selective buyer activity above $1.5 million.
Hitting Records Left and Right
Average % of
New Listings (Pending)
in the First 30 Days
Unbelievable Interest Rates
Source: Mortgage News Daily
74%
Current
3.04%
30%
Normal
THE REAL ESTATE MARKET IS IN ROTATION
COVID-19 has made many reflect on what their home means to them. As a result, many people are looking to create that ideal place to call home - whether that means refinancing, remodeling, or moving.
This reflection, along with historically low interest rates, have opened up possibilities for those looking to move within their local market or find a new home elsewhere with their family, friends and lifestyle in center view.
No matter what you’re looking for in a home, a trusted real estate professional can help you along the way.
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