Market Update - October 2021

The number of new listings in King County plunged from September to October and those listings were quickly snapped up before the month was out, putting the squeeze on buyers who are still shopping. Towards the end of October, I helped a buyer client make an offer on a home in Sammamish priced at $998,000. It received 34 offers and the final price was almost $1.4 million! The limited inventory made buyers go all in on the homes they want and thus the bidding war is still going on like in the spring and summer.

Median single-family home prices are still up by double-digit percentages compared to the same time in 2020 or 2019. In King County, the median home sold in October for $824,270, up 10.6% from October 2020. In Snohomish County, the median home sold for $695,000, up 19.8%. In Pierce County, the median home sold for $520,000, up 20.9%. In Seattle, the median home sold for $850,000, up about 6.2% from a year earlier. On the Eastside, the median home sold for about $1.4 million, up 30% from a year earlier.

Overall, the City of Seattle had the smallest gain year-over-year. What does this mean? I think if you are looking for a home with less competition, perhaps it is time to consider Seattle again, especially now that it has a new mayor. If the new mayor does everything right, perhaps Seattle will have a comeback in the coming years. This is what I am hoping for.

My personal sense of the market is that because inventory is so limited, if you are ready to sell, you can put your house on the market now regardless of the upcoming holiday season. Interest rates are still so low and will remain low at least through the first half of next year. Therefore, buyers are and will be actively looking to buy. If you plan to sell your house after the new year, you need to start the planning process now. Call me at (206) 779-34023 for detailed ideas on how to prepare your home for the market. If you plan to buy, you need to start searching now because it will take a while for you to understand the market and correctly position yourself. I can help you analyze the market. Call me at (206) 779-3023.