Northwest Real Estate in March: Sales up 16% YoY, Inventory down 56% YoY

by Calculated Risk on 4/07/2021 01:39:00 PM

Note: Inventory is down sharply in the Northwest almost everywhere except Seattle. And inventory is low in Seattle too, but was even lower a year ago.

The Northwest Multiple Listing Service reported Northwest MLS brokers say bidding wars, escalating prices, and buyer fatigue are widespread

“There’s no April fooling when it comes to how hot the housing market is right now,” commented J. Lennox Scott, chairman and CEO of John L Scott Real Estate. “In King, Snohomish, Pierce and Kitsap counties, the current spring market we’re seeing is one of the best on record.”

James Young, director of the Washington Center for Real Estate Research at the University of Washington, agreed, noting March marked the first post-COVID/pre-COVID comparison. “It is very difficult to compare year-on-year results once lockdown started in late March 2020,” he stated.

“The drop in the number of active listings

Keep reading this article on Bill McBride - Calculedriskblog.

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