King County Real Estate Market Update | January 2021

Hey Y’all, Zach McDonald, your real estate agent with Real Property Associates, and this is the very first King County real estate market for 2021. And we’re gonna be looking at the stats wrapping up 2020. So December, 2020 stats. And if you don’t mind, I need a little bit extra love here on these, so I know to keep doing them is if you’ve been watching these, I think this is the third one that I’ve done. So please gimme some love in the comments and also with the thumbs up. Now this video’s gonna be a little more of a quick hitter than the Seattle market updates. Again, if you subscribe to my channel, you’re gonna get to see those on a regular basis. but we’ll jump through the stats here and then I’ll talk a little bit of application at the end. New listings in King County, were up 60.3% year over year.

Considerably more listings this December than last December. The pending sales were up 33.1%. Close sales were up about 20% days on market. This is interesting. So we’re talking about lots and lots more coming on the market. You’d think maybe it’s gonna take longer to sell a house. Well, days on market average 23 days down 45.2%, so significantly fewer days on market, even though we had a lot more houses, the median sales price was 740,000 in King County in December and up 9.6% year over year. So almost 10% increase in the prices. The percent of list price received. So this is how much of that asking price buyers had to pay. And it was 102%. So buyers were on average paying 2% above the asking price in December last year. At the same time wrapping out the year buyers were paying about 93% inventory. And we’ll wrap up with this stat here was down 40% and the supply number also down 44%, right around one half months of supply.

So really two weeks of houses. If we don’t get any new houses for two weeks or we get a little bit more buyer activity, we’re not gonna have any houses to sell. Now, I suspect as we continue on in January and into February, we’re gonna see more and more coming on the market, but it’s going to be a while I think, until we can catch up with the demand. And the biggest driver here, I think is the low interest rates. And so as long as interest rates remain low, I think we’re gonna continue to see this trend. And I don’t suspect them the change at any point here immediately, but we might see an increase in interest rates as the year progresses. So we’ll pay attention to that. We’ll see how the year starts to unfold. But I suspect these next few months at least, we’re gonna see a continued climb. And I wish I had a crystal ball and can predict, okay, where are we gonna end up at the end of 2021? If I was a betting man,

Which not really, but I will for this video. I think we’re definitely gonna see prices up again and I think we’ll probably see prices in the, you know, closer to 10% range increase again here in 2021, unless we see some kind of a dramatic fallout from the Covid situation. and I think there’s a lot of people afraid of that. I think the biggest thing to watch though is probably gonna be interest rates affecting prices versus that. Thanks so much for watching my King County market update, first one of 2021. I’m so grateful for your attention. And if you found value in this video or want to talk a little bit more about what it might look like to buy or sell a house in King County here in 2021, I’d love to help you out.