{"id":105973,"date":"2020-09-08T15:00:26","date_gmt":"2020-09-08T22:00:26","guid":{"rendered":"https:\/\/seattlebubble.com\/blog\/?p=105973"},"modified":"2020-09-10T15:59:07","modified_gmt":"2020-09-10T22:59:07","slug":"nwmls-pending-sales-hit-an-all-time-high-in-august","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2020\/09\/08\/nwmls-pending-sales-hit-an-all-time-high-in-august\/","title":{"rendered":"NWMLS: Pending sales hit an all-time high in August"},"content":{"rendered":"

Get access to the full spreadsheets used to make the charts in this and other posts, as well as a variety of additional insider benefits by becoming a member of Seattle Bubble<\/a>.<\/em><\/p>\n

August market stats were published by the NWMLS on Friday before the holiday weekend. The King County median price of single-family homes rose over 10 percent year-over-year for the first time since May of 2018. Inventory is way down from a year ago, and pending sales climbed to an all-time record high<\/strong>.<\/p>\n

Recession? What recession?<\/p>\n

Before we get into our detailed monthly stats, here’s a quick look at their press release<\/a>.<\/p>\n

Would-be homebuyers have more buying power, but also more competition for meager inventory<\/strong>
\n\u201cIn order for buyers to be successful in purchasing a home in today\u2019s climate, they have to do some pretty illogical things,\u201d remarked Wilson, the Kitsap regional manager and branch managing broker at John L. Scott Real Estate in Poulsbo. As examples, he listed waiving inspections, paying more than the house is worth, or agreeing to pay the difference in cash between the lower appraised value and the sales price. \u201cThese are counterintuitive to what we used to see with a negotiation process,\u201d he lamented.<\/p>\n

\u201cThe lowest number of homes for sale in more than 20 years combined with the lowest mortgage rates on record are resulting in the perfect storm of frustration for buyers \u2013 but they are still out in force,\u201d stated Windermere Chief Economist Matthew Gardner. \u201cThe few homes that are on the market are being snapped up quickly, and this excess of demand is causing record-high prices for single family homes in the Puget Sound area.\u201d He also noted rising demand for lower density housing in outer suburbs.<\/p><\/blockquote>\n

I still find it quite amusing that Matthew Gardner<\/a> is now the Chief Economist at Windermere.<\/p>\n

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CAUTION<\/div>\n

<\/p>\n

NWMLS monthly reports include an undisclosed and varying number<\/a> of
sales from previous months in their pending and closed sales statistics.<\/p>\n<\/div>\n

Here’s your King County SFH summary, with the arrows to show whether the year-over-year direction of each indicator is favorable or unfavorable news for buyers and sellers (green = favorable, red = unfavorable):<\/p>\n