The month of December followed seasonal trends for this time of year with inventory hitting an all time low for 2021. While there are still buyers in the market competing for the available listings, most buyers who are able have paused their search until after the holidays. However, in many hot markets investors continue to purchase homes, keeping competition high for other buyers in the market.
December closes out an incredibly competitive year, with the real estate market favoring sellers across the country. Sellers have been able to choose from multiple offers, some even waiving all contingencies. But, the buyers who have been able to win new homes at low interest rates have likely already gained equity in their purchase.
All stats below are based on End of Month in November vs December:
Seattle Housing Market
Supply and Demand: In December, there were 3 weeks worth of single family home inventory available, the same amount we saw in November.
Median days on the market – In December houses spent an average of 6 days on the market, the same number of days we saw in November.
New homes on the market – In December, there were 11,200 new homes on the market, a slight decrease from the 11,380 new homes we saw in November.
Homes sold – In December, 10,578 homes sold, a slight decrease from November’s 10,603 homes sold.
Seattle continues to be a competitive market for buyers, with days on the market remaining steady at less than a week. Median sales price reached $882,000 in December. This is an increase of $79,000 since December 2020. Seattle homes had an average of 16 showings per active listing. With that it’s no surprise that homes continue to sell for over list price, although just slightly at 100.3%.
Sellers throughout 2021 had a fantastic year. From record low interest rates to a year of dramatic home value increases. Sellers across the country have often had multiple offers to choose from, and hopeful buyers who have waived various contingencies. Inventory in December hit its lowest point all year, allowing sellers to get top dollar for their homes. Moving into 2022, sellers will likely continue to have the upper hand. However, interest rates may increase in upcoming months which could cause a slight shift in the real estate market as affordability changes. To ensure a quick sale for the desired price, it’s essential to work with a local real estate agent who is an expert in your market. With the help of a team like Trelora’s, you can sell your home with confidence.
Here are a few blogs that might help you as a seller:
- What Fixes are Mandatory in a Home Inspection?
- Finding the Right Relocation Specialist Realtor
- Selling a House for Cash: A Complete Guide
2021 proved to be a difficult year to be a home buyer and December followed this trend. Buyers have had to move very quickly to compete with other offers, including those from investors. 2022 will likely look similar to 2021, but buyers who are successful in winning a home will be rewarded in equity as home values continue to increase. While it can be challenging to beat out the competition in this continuously tight market, it is possible. With the help of an expert agent, who can advocate for you and navigate the local market, home buyers can secure their dream home with time.
Here are a few blogs that might help you as a buyer:
- What is a Contingent Sale?
- How Much Can You Negotiate on a House? 3 Things to Consider
- First Time Home Buyer: Start Here
Please note, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell with us, we give you comprehensive, expert service for only 1%. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Los Angeles, Phoenix, Raleigh, Sacramento, Seattle and Tucson. In the meantime, please stay healthy and safe.
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.