Seattle Real Estate Market Update [August 2021] - Market in a Minute

Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for August 2021. Your Market In A Minute Video, everything you need to know about the Seattle Real Estate market in 1 minute!!

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Competition for homes eased slightly in July across much of Washington state, but brokers from Northwest Multiple Listing Service expect the respite to be short-lived, with inventory still tight and prices still climbing.

Northwest MLS brokers added 12,916 new listings to the database during July. They reported 11,567 pending sales (mutually accepted offers) areawide, which covers 26 counties. At month end, there were 7,948 total listings offered for sale, down 22.5% from the year-ago total of 10,259. That was the highest level since October when inventory totaled 8,623 properties, including single family homes and condominiums.

"August historically is the last month of the year with elevated levels of new listings before they slowly taper down in the fall and decline more substantially over the winter," Scott said, reminding buyers they will find a better selection now than in the coming months.

NWMLS statistics show there were fewer pending sales last month (11,567), than during both June (12,328) and May (11,969). July's volume was down about 8.8% from the year-ago total of 12,682 pending sales.

"While dangerous to compare 2020 lockdown figures to this year, it is interesting to see that new listings volume is starting to rise above 2019 levels," observed James Young, director of the Washington Center for Real Estate Research at the University of Washington. In July, MLS figures show member-brokers have added 1,723 more new listings of single family homes and condos than during J..