Published June 11, 2021
June 2021 Market Report
We're firmly in the 2021 "selling season" where we see the greatest number of new listings, and this year feels markedly different than last year for many reasons...here's why:
In May 2019, there were 44,199 new listings in King County, the highest number of new listings for May since 2011. It was still a seller's market with 2.2 months of inventory and the market was competitive but not crazy. One year later, the region was still adjusting to the pandemic quarantine, new listings in May were down more than 16% from the year prior... losing more than 7,000 listings even though closed sales (actual demand) was 1.2% from 2019.
We updated the above graph to project what a 'normal' 2020 might have looked like for new listings... and this projection shows we lost easily more than 50,000 new listings just in King County due to the pandemic. You can imagine how different the market would have felt for buyers and sellers if there were 50k more homes to choose from.
The good news is we're seeing more new listings hit the market in 2021... levels exceeding 2019 which is good for our market. It will make life easier for buyers to buy, and thus give some move up/down/around sellers the confidence to bring their homes to market knowing they'll actually be able to secure a new home. It will be interesting to see where the peak new listing point is in 2021... we're estimating June with a drop over the summer, though likely staying higher than the overall numbers we saw in 2019.
Before we go... we can't forget the basic metrics of our market which are yet again amazing:
King County
- Inventory: 0.6 Months (down 0.2 months vs. April)
- Value: $770,000 (up 4% vs. April and up 23.2% vs. 2020)
Snohomish County
- Inventory: 0.3 Months (down 0.2 months vs. April)
- Value: $649,950 (up 4.8% vs. April & 34% vs. 2020)
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