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BLOG: 2021 Puget sound market review and analysis

By Allen Johnson Real Estate | 3.23.2021
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It's now spring 2021, and it's looking like we have made it through the worst of the Covid-19 crisis! The housing market in Puget Sound has been absolutely on fire over the last year, with a non-stop parade of bidding wars and record prices throughout the area. What factors led to this scenario in the middle of a global pandemic?

From our own experience, two factors seemed to create the market we have today. 

1.Extremely low interest rates. As the pandemic began to shut down major portions of the economy, interest rates dropped in our area. These new, lower rates enticed would-be buyers to enter the market and take advantage of good deals. 

2. Change in work routines. Many of our clients over the last year transitioned into a work-from-home role, which meant they no longer needed to live close to their places of work. Some companies have discussed continuing this routine for the foreseeable future, which has freed some workers to live further from the office. As such, homes all across the area became viable options for remote workers, leading to less barriers for buyers.

3. Low low low inventory. The number of homes for sale in 2020 was already quite low in many areas of King, Snohomish, and the influx of buyers pushed the market to its limits. This created an exceptionally competitive market, with a large number of our listings escalating far past the list price.

 

The market is always uncertain in real estate, so we will be watching for the changes that 2021 brings us! As always, give us a call for any real estate help you may need!

 

- Ben and Allen

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LohseHouse

"Allen and his team were extremely professional, fun and a pleasure to work with. Marketing materials were top notch and his knowledge of the area really helped us seal the deal."

-Brandon and Sara, Lynnwood, May 2018

Richstad Home

"I recently helped my 85 year old mother with the sale of her home and Allen was our realtor. He was an absolute rock star from start to finish and got us a sales price that we didn't think was possible..."

-Karen, Silver Firs, May 2018

Graves

"Allen Johnson went above and beyond to make our home buying experience as easy and smooth as possible. We have already recommended him to many of our family and friends..."

-Dennis and Tracie, Snohomish, April 2018

Dailey house

"Twenty years ago Allen helped my parents buy their home. He did such a good job at making sure that their needs were met and that their six year old daughter(me) liked the house too..."

-Sean and Heather, Lake Stevens, March 2018

Rust house

"We were referred to Allen by a friend & he met all of our expectations. Allen was always available & was quick to point out possible problems we may not have recognized as first time home buyers..."

-Mike and Lisa, Marysville, March 2018

ouderkirks

"We have used Allen to both purchase a home as well as sell a home. Both times Allen was professional, honest and always available. He has been very helpful and patient throughout the whole process..."

-Andrew and Tammy, Everett, January  2018

Purdy

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-Catherine, Bellevue, January  2018