Seattle Real estate news for November
I hope you enjoyed a quieter, slower Thanksgiving this year! Our table was a bit smaller, but we enjoyed the chance to pause at the end of a wild year.
The big news this month is the announcement of increased conforming loan limits for 2021. The Federal Housing Finance Agency announced the new limit for single-family residential properties is $548,250, which is up nearly 7.5% from 2020’s limit of $510,400; this marks the 5th consecutive year of increases.
King, Pierce, and Snohomish counties in Washington are considered “high-cost counties” and have a higher limit of $776,250 (in 2019, it was $741,750). This means a buyer putting 20% down can purchase a home using conventional financing for up to $970,312.
With conforming loans, buyers can purchase homes with lower down payments and more competitive rates.
Click here to visit the Conforming loan limits 2021 Map
Home prices continue to climb in Seattle and around the country, according to Case-Shiller data.
Overall, home sales around the country are up 21% year-over-year, fueled by low interest rates and a pandemic that has forced us all to think hard about where and how we live.
In Seattle, pending sales are up 24% year over year and the median sale price of single-family homes is hovering around the $800K mark. There is no relief in sight for home buyers who were hoping to see prices drop this year.
West Seattle update
For those of us out here on the peninsula, the big news is that the West Seattle bridge will be repaired and is expected to re-open sometime in 2022. This is great news to West Seattleites.
Commuters will still be stuck in gridlock until the bridge is repaired, but the impact for some is mitigated by the opportunity to work remotely. As a commuter myself, I'm relieved to see some light at the tunnel--and much quicker than I had expected.
West Seattle real estate values haven't suffered despite the bridge news. Homes are selling, on average, in just 8 days and, with a median sale price below $700,000, West Seattle is a refuge to folks who can't afford similar neighborhoods closer to downtown.
Thanks for reading!
P.S. Don't forget to do your winter house chores!