Record-breaking month spurs ‘strong, chaotic’ Puget Sound housing market

Jun 8, 2021, 11:53 AM
Puget Sound housing prices...
Housing prices in the Puget Sound region have soared to record levels. (Getty Images)
(Getty Images)

Housing prices in the Puget Sound region have continued to soar, reaching record levels in May, and showing no signs of slowing down any time soon.

It’ll be ‘some time into next year’ before Puget Sound jobs rebound

According to the latest data from the Northwest Multiple Listing Service, the median sale price of residential homes grew nearly 30% year-over-year in King County last month, as well as over 35% in Snohomish County, and 28% in Pierce County. That marked a new record high for median prices in the region.

This has come alongside record lows in supply, with housing inventory in Western Washington dropping by over 4,800 listings year-over-year in May, marking a decline of 46%.

“Everything is about breaking records this past year with record-breaking housing prices, record-breaking low inventory, and record-breaking consumer savings rates during the pandemic,” said Meredith Hansen, owner of Keller Williams Greater Seattle, in a written release.

All this amounts to what Hansen describes as a “very strong, chaotic market that may not slow down for the next year.”

Puget Sound home buyers ‘finally got some good news’ amid rising prices

Additionally, homes being sold in the Puget Sound region are often going for well over the asking price. Combined across King, Snohomish, Pierce, and Kitsap counties, residential homes sold for an average of 108.6% over the asking price in May. In King County alone, that number sat at 109.5%.

As Windermere Chief Economist Matthew Gardner also points out, though, any year-over-year comparisons we make right now should come with a disclaimer, given that the pandemic had a significant effect on the housing market in May 2020.

“I would caution everyone to take those numbers with a bit of a pinch of salt,” he told KIRO Radio’s Dave Ross. “I say that because remember where we were last May, and so looking at year over year comparisons, quite frankly for anything, is probably going to give you an overly optimistic view of the world.”

Local News

early primary, kim wyman...
Nick Bowman

Report: Washington Sec. of State Wyman could be leaving role for new job with Biden administration

Sources tell CNN that Washington Secretary of State Kim Wyman could be leaving her role for a new job with the Department of Homeland Security.
1 day ago
vaccine, booster doses...
MyNorthwest Staff

Booster doses of COVID vaccines available in Washington for eligible individuals

Booster doses of all three COVID-19 vaccine types are now available for certain individuals in Washington, and can be safely mixed and matched.
1 day ago
salmon hatchery...
Dalton Day

Potential ‘irreparable damage’ to Puget Sound orcas over alleged illegal salmon hatchery expansion

Conservationists allege that Fish and Wildlife has expanded salmon hatcheries without lawful compliance under SEPA, thereby damaging native salmon and orca whales.
1 day ago
seattle relief fund...
Kathryn Altena

Mayor launches Seattle Relief Fund to help families impacted by COVID

Seattle city leaders announced the launch of a new relief fund Monday to help struggling families impacted by the COVID-19 pandemic. 
1 day ago
MyNorthwest Staff

State recovers $495,000 in stolen unemployment benefits with ‘innovative’ legal strategy

For the first time, Attorney General Bob Ferguson has used asset forfeiture to repossess $495,000 in fraudulent unemployment claims.
1 day ago
Washington Daylight Saving Time...
Nick Bowman

Washington looks for ‘alternative’ paths to end years-long wait for permanent Daylight Saving Time

With the state setting their clocks back again on Nov. 7, Sen. Murray says her office is ramping up work to end the twice-yearly time changes.
1 day ago

Sponsored Articles


Medicare open enrollment for 2022 starts Oct. 15 and SHIBA can help!

Washington State Office of the Insurance Commissioner SPONSORED — Medicare’s Open Enrollment Period, also called the Annual Election Period, is Oct. 15 to Dec. 7. During this time, people enrolled in Medicare can: Switch from Original Medicare to a Medicare Advantage plan and vice versa. Join, drop or switch a Part D prescription drug plan, […]

How to Have a Stress-Free Real Estate Experience

The real estate industry has adapted and sellers are taking full advantage of new real estate models. One of which is Every Door Real Estate.
IQ Air

How Poor Air Quality Is Affecting Our Future Athletes

You cannot control your child’s breathing environment 100% of the time, but you can make a huge impact.
Swedish Health Services

Special Coverage: National Prostate Cancer Awareness Month

There are a wide variety of treatment options available for men with prostate cancer. The most technologically advanced treatment option in the Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform.
Marysville Police Department

Police Opportunities in a Growing, Supportive Washington Community

Marysville PD is looking for both lateral and entry level officers. Begin or continue your career in law enforcement for a growing, supportive community.

Small, Minority-Owned Businesses in King County and Pierce County Can Now Apply For $10,000 Relief Grants Through Comcast RISE

Businesses in King County and Pierce County can apply beginning on October 1, 2021, at www.ComcastRISE.com for a chance to receive a $10,000 relief grant.
Record-breaking month spurs ‘strong, chaotic’ Puget Sound housing market