Happy June! As we enter the busy summer season, it is my pleasure to provide to you as much relevant real estate information as possible as your real estate professional. This article contains numerous links to more information, videos with quick infographic statistic updates, and updates from local lenders from the mortgage & financing prospective. Contact me anytime to discuss this info and what it means to you. Let me know if you would like specific information for your neighborhood and share with me any information you come across to help me make this info the best it can be.

According to the Northwest Multiple Listing Service (NWMLS):

“ KIRKLAND, Washington (June 7, 2021) - May was a month of record-setting highs and lows for some key housing market indicators tracked by Northwest Multiple Listing Service. Northwest MLS director Robb Wasser, branch manager at Windermere Real Estate/East in Bellevue, noted the number of active listings for single family homes dropped from April to May for the first time in at least 20 years. The month-to-month decline was small (only 83 listings), but compared to 12 months ago, May's inventory plummeted by 4,824 listings (down 46.6%). Months of inventory of homes and condominiums fell to just over two weeks (0.59 months) system-wide, which encompasses 26 of Washington's 39 counties. Only March 2021 and December 2020 have been lower when both months ended with only 0.53 months of supply. Year-over-year price increases measured by percentages appeared to hit a new high with the median price on last month's 9,374 closed sales soaring 30% from a year ago. A check of Northwest MLS data shows prices..." To read the complete NWMLS May Press Release click here

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Even in this challenging buyers market, I was able to help my clients find homes they love. Chuka and Paulina were searching all around the Eastside; Bellevue, Sammamish, Bothell, Kirkland, Redmond, and actually ended up finding the gorgeous home above in Renton. Kellie was searching more in South King County and found this amazing home in Federal Way!

Lender updates from Tina, Eric, & Mark

If you want to know what is happening with the money-side of things in real estate, ask a mortgage lender. Below is info from Tina, Eric & Mark. I hope you find this info helpful. These lenders are available for you and can provide information to you regarding your plans to purchase or refinance a home. Let me know if you talk with them and how I can assist you as your Realtor. Thanks! Jen 206-550-1676

Mortgage Update - Tina gives a complete economic overview and how that relates to real estate. Demand is high, supply is low, the market is hot. (See Tina’s 4 minute video above)

Tina Mitchell with Highlands Residential Mortgage is a fabulous lender. She has been in the mortgage industry for over 2 decades and has been recognized in the top 1% Nationwide. She is a numbers gal and can talk with you about possible loan options. I also really like her communication style. You can schedule a time with Tina now (for a video zoom conference call) using this link. She is available by cellular phone and even works nights & weekends! Tina promptly follows up your no obligation consultation with informative emails showing your different loan options, estimations of costs, and other important info in writing and throughout the process has the best communications of any lender I have ever seen. The first step is to schedule a meeting to review loan options, cash needed and payment breakdown. There is no cost or commitment to move forward, it’s just education. Call Tina now or if it’s more convenient you can use the following online calendar to Schedule a Consultation at https://calendly.com/tinamitchell/. Tina Mitchell, Highlands Residential Mortgage • Loan Originator, NMLS 145420 • Cellular: (425) 647-0205 • “Live Your Dream Now!” See Tina’s website at: www.TinaMitchellTeam.com

Click this link for Eric’s website and to contact Eric.

These thorough market updates from lender, Eric Aasness, Branch Sales Manager, Homebridge Financial are full of great charts and economic information. At the end of each article, Eric has included the links to more than 10 additional articles related to home loans and the real estate market.

April 30, 2021 - Moment of Truth For Rates and Housing
May 7, 2021 - Rates Reacted to Jobs Report, But Not Like You'd Expect
May 14, 2021 - Big Inflation Scare, But Rates Remain Resilient
May 21, 2021 - What Are Rates and Housing Worried About?
May 28, 2021 - Highest Inflation in Decades, But Housing Has a Bigger Problem

Here are some additional market updates provided by Mark Williams at Fairway Independent Mortgage Corporation:

April 30, 2021 - Rising Inflation
May 7, 2021 - Job Gains Fall Short
May 14, 2021 - Inflation Spikes
May 21, 2021 - Home Sales Fall

This past year the number of pending listings has far exceeded the number of new listings, until this past week the numbers are almost the same! This could mean good news for the market🤩 As for the rest of the categories, they are all pretty much on track with what we’ve been seeing this past year.

Any questions? Feel free to text, call, or DM me anytime! -Jen👩🏼‍💼👍

Real Estate News May 2021: Pending sales continue to surge keeping inventory depleted.

Finally, some good news for home buyers! Sizeable increases in new listings compared to a year ago and reports of moderating prices “might mean we are seeing some relief for buyers. There was a jump of more than 57% from the same month a year ago when the pandemic shutdown began. Compared to March, the volume of new listings rose 14%, and even compared to two years ago (April 2019), new listings were up about 3%. Two other industry experts, J. Lennox Scott, and Matthew Gardner, also commented on the significant gains in new listings. “At long last, May is here. Historically, we see a nice uptick in new listings… To keep reading the full caption, click on the Youtube video above!

The graphs below contains information specific to the West Seattle area. Also, all of the images below are links to the interactive versions of the graphs! Just click on a graph and move your cursor along the line to see specific stats for every month throughout the years 2018-2021. Contact me if you have any questions or if you want any of these graphs made for your specific area!

West Seattle Real-estate zip code comparison of Median Sales Price

West Seattle Real-estate zip code comparison of Homes for Sale

Inventory throughout this year has remained low and is still low. This means that currently there are more buyers than sellers, making this an amazing time to sell!

West Seattle Real-estate zip code comparison of Median Days on Market

As you can see the days a listing spends on market tends to spike at the beginning of each year. This is mostly due to the fact that January and February are follow up months to an extremely busy Holiday season starting in November.

West Seattle Real-estate zip code comparison of Median Price Per Square Foot

If you have any thoughts or questions about this information or would like to talk, please call or text me at 206-550-1676. If you find great articles that you would like to share with me, please email those to me at jen@jensrealty.com. I am always working hard to be your source for real estate information!

Check back for more updates throughout the year. Let’s talk about the market now in your neighborhood, your real estate goals, and whether or not this is a good time for you to list and sell your home. Call, text, or email anytime. I’m always here to help! Thank you,

Jennifer Suemnicht - Jen's Realty - RE/MAX Metro Realty, Inc.

www.JensRealty.com / 206-550-1676 / jen@jensrealty.com

With inventory and interest rates at historic lows it’s a great time to sell. And if you are looking to buy, I can help you with a smooth transition into a home you love! Click the photo to contact me, or you can call/text me at 206-550-1676! - Jen:)

Here are some links to more articles & videos.

These helpful links are provided by Eric Aasness. If you find great articles that you would like to share with me, please email those to me at jen@jensrealty.com. I am always working hard to be your source for real estate information! Thanks, Jen

Jennifer Suemnicht - Jen's Realty - RE/MAX Metro Realty, Inc.

Realtor / Broker

206-550-1676 / www.JensRealty.com