KIRKLAND, WA – Washington real estate agents ended a strong year on a rather calm note, noting a stronger-than-usual seasonal slowdown in December, made worse by a sharp drop in on-hand inventory, rising prices, a harsh winter and vacations.
The Kirkland-based Northwest Multiple Listing Service released its December report this month, ending a busy year for the area’s housing market. In the 26 counties included in the report, the overall list fell more than 12% between November and December, as inventory and year-over-year sales numbers fell to double digits.
However, overall prices rose more than 17 percent on average, with some counties rising more than 20 percent, according to the NWMLS.
“The median price for sales made last month was $ 572,900, down from $ 488,000 12 months ago,” the company wrote. “The prices of single-family homes (excluding condos) jumped nearly 17.5%, from $ 502,247 to $ 590,000. King County was one of only three counties where the price change for single-family homes was less than 10%; prices have gone from $ 740,000 to $ 810,000. A dozen counties have seen price increases of 20% or more. “
Brokers in the 26 counties reported just over 8,000 completed sales in December, down about 1,000 from the same time period in 2020. The NWMLS said nearly a dozen counties saw a decline double-digit sales, including a decline of over 16% in King County and more. by 17 percent in Snohomish County.
“This is to be expected given that inventories in the fourth quarter were down sharply from a year ago,” said Dick Beeson, management broker at RE / MAX Northwest. “You can’t sell what isn’t there.”
Overall, 2021 has turned out to be a strong year for sellers statewide, with total closed sales up 12.1% in 2021 from 2020, for a total of 107,354 sold. , according to the NWMLS.
“Last year has been a pretty big year for the housing market,” said Matthew Gardner, chief economist at Windermere Real Estate. “Even in the face of historically low inventory levels, home sales in the Central Puget Sound area have still managed to reach levels not seen since 2006 and, notably, Pierce and Kitsap counties recorded more sales. than ever before. “
Despite the December slowdown, brokers said they were confident of a rapid rebound in sales for 2022. Buyers, once again, can expect to pay more.
“In the wake of the holiday season and snowy weather, the local market will experience continued strong buyer demand, multiple offerings and premium prices,” said J. Lennox Scott, CEO of John L. Scott. “This year is shaping up to be another great year in residential real estate.”
The NWMLS will release more highlights for 2021 housing and real estate trends later this month.
