Gardner Report October 29, 2021

Q3 Western Washington Real Estate Report

Matthew Gardner recently published his Q3 2021 Western Washington Real Estate Market Update.

Here are a few key highlights:

  • Despite more listings becoming available, the ratio of pending sales (demand) to active listings (supply) showed pending sales outpacing listings by a factor of 4.6
  • Thurston (+14.3%), Snohomish (+10.8%), and King Counties (+7.8%) saw the biggest annual changes in the number (volume) of homes sold
  • In the Western Washington region, home prices rose 18.9% overall compared to a year ago. The average sale price was $726,168—another all-time record
  • In Q3, the average market time (how long it took a home to sell) was 17 days. In some areas, homes sold faster: In South Snohomish County market time averaged 9 days, while in North King County, it was 12 days
  • Buyer demand is still quite robust. With inventory levels increasing, the market has softened slightly and is moving a little more towards balance. However, make no mistake: It is still very much a seller’s market

For the full Q3 details with charts & graphs, see Matthew’s report HERE on his blog.