Key Market Indicators – December Recap 2020
Southwest King County Housing Update - Resale Only
The unique housing market in 2020 continues into 2021, with frenzy-level sales activity intensity for each new resale listing, fueled by low interest rates and a huge backlog of buyers. Now that the holiday season is complete, Southwest King County will see a power surge of home buyers enter the market in 2021. The intensity of the local housing market is slightly higher than it was a year ago, with more homes going under contract than new listings entering the market. We’re virtually sold out up to $1 million, with frenzy and extreme frenzy sales activity intensity in that price range.
“Off The Charts” Housing Market Activity
Average % of New Listings (Pending) in the First 30 Days
Unbelievable Interest Rates
Source: Mortgage News Daily
79%
Current
2.77%
30%
Normal
JOHN L. SCOTT’S 2021 HOUSING FORECAST
The year 2020 brought many changes in how we live and has made many reflect on what their home means to them. We anticipate the cyclone of sales activity intensity will continue in 2021 in the local housing market, and have outlined what’s in store in our 2021 housing forecast. Reach out to your trusted John L. Scott broker associate if you’d like to view the 2021 housing forecast and discuss what the market changes are likely to mean to you in the coming year.
Tap to enlarge and zoom
