How hot was Seattle real estate in the 1st quarter of 2021?

Whenever I hear a question in the “How hot was it?” vein,  my mind instantly goes that innuendo-laden, 70’s game show, Match Game.   And if you are familiar with that show, you know the only answer can be “It was so hot that it burned a hole in home buyers’ <blanks>!”  (if you’re playing at home, the answer is “souls” not “buns”… shame on you Fannie Flag!)

But no attempt at humor is going to act as a salve to the burns buyers have been suffering in the Greater Seattle area during this scorchingly hot seller’s market.

Why is the market so hot?

High demand and not enough inventory.

Why is there not enough inventory?

Well, it’s complicated and really a topic for another time. But the short version of a long answer is that we have a bifurcated, socioeconomic situation where the divide between those who can play and those who have to watch from the sidelines is growing.  I told you it was complicated!

So today, we’re sticking to the numbers.  And who better to bring us those numbers than Windermere Chief Economist, Matthew Gardner.

Here’s a bit of a spoiler…

“Western Washington is showing pendings (listings under contract) outpacing new listings by a factor of almost six to one. The housing market is as tight now as I have ever seen it.”  – Matthew Gardner

To see the full meal deal from Matthew, just click the image below.

As always, I hope you find this information interesting, if not helpful.