Market Trends & Happenings
Fourth Quarter - 2020
We are still in the extreme low inventory mode with NO homes or island houses currently listed for sale. There were a couple of homes listed during this quarter, but they went pending within a week. The last home that sold was over Thanksgiving week, with 14 offers reviewed on the Friday after Thanksgiving. The state of the market is that is you want to sell, it will be fast. There are many buyers waiting to find a place here. Buyers and agents from Seattle are calling to ask me to let them know if I know of anything coming up.
We currently have three lots listed for sale and one pending.
January 6, 2021
KIRKLAND, Washington (January 6, 2021) - "Insatiable buyer demand" is keeping inventory scarce as house hunters try to outmaneuver and outbid each other, according to reports from Northwest Multiple Listing Service (NWMLS). Its statistical summary for December showed strong activity throughout the holiday season with double-digit increases in new listings, pending sales, closed sales, and prices.
Update January 10, 2021 from Zillow:
Bold 2021 Predictions: A Stronger Housing Market Across the Board
By Zillow Research on Dec. 18, 2020
The for-sale housing market showed incredible strength in 2020, and we expect 2021 will be even stronger.
Demand continues to stay high, and is expected to surge in cities as economies reopen. Annual home sales growth is expected to be the highest in almost 40 years as life and financial certainty brings more sellers into the market to meet the heavy demand and technology allows for faster connections with interested buyers. Even so, home prices, mortgage rates and rents are likely to rise, bringing affordability challenges that must be faced.
We expect 2021 will be a year unlike any other as the housing market responds to the challenges and changing preferences that emerged in 2020.
Third Quarter - 2020
The phenomenon continues here at the Pointe. The third quarter continued to bring buyers and as of October 1, we have NO homes and NO island houses listed for sale. I personally have 33 buyers looking for various types of Pointe properties on my list, and other agents have buyers looking here also, including some out of area agents.
We are down to four lots currently listed for sale and buyers are looking at lots several times a week, as buying a lot and building seems to be the only option for becoming part of our community. Twelve lots sold this quarter, the largest number in a quarter in my known history. In a two-week period of time, two lots that had been on the market for many years and two lots that were on the market for two days, all went pending.
We have the lowest interest rates in my known history and a thriving economy, and many people looking to move out of the cities and the Pointe has been discovered! If you are thinking of selling, this is a very favorable time.
Covid restrictions are still in place, but we are allowed to show homes with up to four people inside a home with required masks and social distancing. Some seller are now opting for adding video tours to their listings to avoid having people do casual walk-throughsl Also, agents expect that buyers will have a pre-approval letter or proof of funds before scheduling
Some of my friends have asked me how the elections might affect the housing market. So during an election year in November, you typically see a slowdown of 15% compared to a normal market. But this isn't a typical market cycle. Today 71% of listings are selling within the first 30 days of being listed and they are receiving 99-100% of their asking price. Most of them are receiving up to three offers per listing. What is causing this? Sixty year lows in interest rates! So if you are even remotely thinking about putting your home on the market, this is the time! Carolyn
Second Quarter - 2020
This report is coming to you late just because the market is currently so robust that there has been no time to stop and analyze and report.
To summarize, the market is HOT!! Covid seemed to add to the interest in purchasing at the Pointe and low interest rates and unrest in the cities are drawing buyers in droves to explore new options and purchase vacation homes. There are buyers here almost daily. Agents are bringing buyers out from Seattle to look at lots! While home sales have been robust, now lots are selling quickly also.
Our inventory is still historically low, not only at the Pointe, but in surrounding areas. We are seeing quick sales and multiple offers even on lots which are historically slower to move. Higher end homes are in demand from people who can work from home in an affordable waterfront home compared to homes in the cities. Families are purchasing vacation homes and lots on which to build homes. If we do not get more inventory, we will soon be sold out!
First Quarter - 2020
January continued strong like the fourth quarter of 2019. Lots of buyers but still very low inventory. This continued into February until Covid-19 became a factor in March, just when sellers started listing again. The last listing to go pending was listed on March 10, and went pending on March 17. Since the Governor's "Stay Home, Stay Healthy" order, there have been few inquiries about Pointe properties and only a couple showings. Our inventory has slightly increased, but buyers are cautiously waiting this out as second/vacation homes are not currently a priority. Most predictions are that the market will rebound forcefully. Serious buyers are still active. If you are considering listing, buyers are active online.
Real estate brokers and Realtors are required to follow the Mandatory Protocols for In-Person Interactions per Governor Inslee's Order:
"The statewide "Stay Home, Stay Healthy" Order requires that the following protocols are strictly followed for permitted in-person real estate activities:
In-person activities must be by appointment only.
No more than two people, including the broker may be at the property at any time; and
Those two persons must strictly follow social distancing guidelines established by the Centers for Disease Control and Prevention ("CDC") by remaining at least six feet apart at all times.
If real estate brokers do not comply with the required protocols or violate other provisions of the Order, the Governor may place further restrictions on the real estate industry."
Fourth Quarter - 2019
Wow!! Fourth Quarter finished strong with the only problem being the low inventory again. At times there was only one home for sale and listings priced right stayed on market for only days. The list of buyers looking for homes at the Pointe is growing and the inventory is not. Hopefully as we edge into 2020, with prices heading up, there will be some new For Sale signs up! If you are thinking of selling, 2020 may be the best year yet.
Some of the buyers are looking at lots to build, but are often discouraged by the timeline to get a home built. There were lots of lot showings this quarter, but no sales. One unlisted lot is pending.
Third Quarter - 2019
Unfortunately the Second Quarter narrative was skipped due to an especially busy selling market.
Third Quarter did not slow down and for one day there was only one listed house for sale. As of September 30, there is only one home for sale and no island houses listed for sale. Buyers are still looking for properties here and are discouraged by the low inventory. If you are thinking of selling, this is the time. Your listing will not likely be on the market for long.
Many buyers are looking at lots and planning to build. Our inventory of listed lots has stayed stable or grown slightly over this year and purchasing a lot to build on is a good option as lot prices are stable.
First Quarter - 2019
WOW AGAIN!! The first quarter started off busy as usual, bringing out buyers to view homes, but March brought in new listings followed by buyers with offers. As we struggle with low inventory, we are seeing the fastest turnover ever.
One weekend in March four new listings popped up and within days, three of them had offers. One cabin was listed on a Wednesday and received a call five minutes later, a viewing that day and an offer the next day. If you are thinking of selling, this is the time. Buyers are still looking at lots and building new homes due to lack of inventory in homes.
As of April 11, 2019, there are only two homes listed for sale and eleven are pending.
GRID NOTE: Pendings are in parenthesis
Summary of Sales: 2020
Summary of Sales: 2019
Historical # of Sales
houses, Island Houses, & lots
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Page Editor: Carolyn Vivian
Page Contributors: Mike Callaghan, Walt Tupper
Contact Carolyn Vivian by email for any questions or comments about this page