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PhinneyWood Housing Market Snapshot

JANUARY 2021 REPORT

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The January 2021 Update

The 2020 real estate trend in our PhinneyWood neighborhood continued strongly into December. As you'll see in the slides below, demand is still at an all-time high, supply at an all-time low, and the result is an aggressive seller’s market with strong price gains and declining time on market.

How low was inventory in our neighborhood in December 2020? For the first time in over 15 years, we did not have a single new listing, of any kind, come on the market last month - zero! If a single number could tell an entire story, that probably is it, right there.

With interest rates at record low, and expected to stay that way for the foreseeable future, the demand is only going to intensify. Many tech buyers, who were told to continue working from home, are looking in areas outside of Seattle, where they can get larger homes for a more affordable price. But there are still plenty of buyers who want to stay in urban areas like ours, so sellers are still going to reap the benefits of this market for a long time.

Want to find out what your home could sell for in this changing market? Call me for a no-obligation consultation at 206-779-9808

Median Home Price

Single Family Homes

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$805,000

PRICE INCREASED

7.0%

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Condos

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$477,000

PRICE INCREASED

17.8%

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DECEMBER 2020 CLOSED SALES

SOLD

Number of Condos and Single Family Homes Sold

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100%

6

-2.7%

36

5.7%

42

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CONDO

SFH

TOTAL

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DECEMBER 2020 CLOSED SALES

Total Dollar Value of Closed Sales

Single Family Homes

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$30.7 million

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SALES INCREASED

14.3%

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Condos

$2.6 million

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SALES INCREASED

194%

Total

$33.3 million

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SALES INCREASED

20.1%

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DECEMBER 2020 CLOSED SALES

Median Days on Market

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9 days

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TIME DECREASED

71%

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DECEMBER 2020 CLOSED SALES

Months of Inventory

DECEMBER 2020

DECEMBER 2019

.6 month

.4 month

A balanced market is

considered to be 4 to 6 months

by most industry experts

At the current

rate of sales

it would take

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0.4 months

to sell every home that

is active in our area

This is down 33.3%

from last December

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DECEMBER 2020 AVAILABLE INVENTORY

Months of Inventory

Last month there were

4 months

18

3 months

active listings in the database

2 months

DECREASE OF

25%

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from DECEMBER 2019

1 month

0 months

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2016

0.2

2017

0.5

2018

0.1

2019

0.6

2020

0.4

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DECEMBER 2020 AVAILABLE INVENTORY

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New Listings

Last month there were

0

new listings added to the database

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DECREASE OF

100%

from DECEMBER 2019

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2019

10

2020

0

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DECEMBER 2020 NEW LISTINGS

Pending Sales for Single Family

Homes & Condos Sold

There were

21

total homes and condos under

contract in November 2020

INCREASE OF

5.0%

from NOVEMBER 2019

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CONDOS

SFH

TOTAL

4

17

21

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DECEMBER 2020 PENDING SALES

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