Historically low interest rates and lifestyle changes are fueling housing activity around Washington state, according to Dean Rebhuhn, president of Village Homes and Properties in Woodinville. Commenting on just-released June statistics from Northwest Multiple Listing Service, he and other brokers say multiple offers are common “especially in the median price range.”
“Multiple offers are back with a vengeance as buyers are handicapped by having only about half the inventory of a year ago,” noted Dick Beeson, managing broker at RE/MAX Northwest in Tacoma-Gig Harbor. “The refrain, ‘Sorry to tell you, but the seller has accepted another offer,’ is heard with regularity,” he stated, adding, “If a buyer finds a home they like, it’s likely 20 other people will be vying for it, and the battle is on.”
There were 8,312 sales in June 2020, down 12% from 9,474 sales in June 2019.
The press release is for the Northwest. In King County, sales were down 17.1% year-over-year, and active inventory was down 41.5% year-over-year.
In Seattle, sales were down 8.3% year-over-year, and inventory was down 31.6% year-over-year.. This puts the months-of-supply in Seattle at just 1.6 months.
The closed sales are for contracts mostly signed in April and May. There will likely be some rebound in the July report.