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Here are the NWMLS Market Stats for August 2020. Quick takeaways:
- The median sold price of homes is 14% higher compared to August 2019
- Total volume of sold homes increased 19.7% from 2019 to $5.98 Billion
- New listings increased 13.9% while pending sales increased 24.7% compared to August 2019
- The difference between new listings and pending sales has created a net deficit in inventory; This has led to available inventory decreasing to its lowest level since 2016 to 0.97 months
These numbers are a composite for all of the Northwest Multiple Listing Service which comprises 23 counties in Washington. To see the full report for the NWMLS, click here.
Additional info to what’s published: In the 4-county Puget Sound region, prices have jumped 17% year over year, from $500,000 to $585,000. Second, the “sale fail rate” has remained constant for all of 2020. You’d think COVID would have impacted this number, but it hasn’t! Lastly, buyers are going to extreme measures in order to successfully buy, including waiving inspections, waiving financing, and bidding up homes higher than their appraised value and then paying the difference. It’s crazy! In normal markets these measures are ridiculous and illogical, however currently they are necessary to successfully purchase.
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