The summer real estate market has been on fire. Despite being in the middle of a pandemic and mixed economic situation, low listing volumes and high demand have created a fast-selling market for existing homes and new construction single family homes. This is happening across the country, including in the greater Seattle area.
In the past two months, our team has sold out four new home communities. At Stratton Crest by RM Homes, for example, we sold eight homes in August against a goal of three homes.
Many builders are currently running out of inventory, so new home buyers can expect to see a gap before more new homes are available to move in. Our client, RM Homes, has several new home communities under development from Lynnwood to Fall City. In our next community, Creekside Grove, the next new homes will be ready to move in this January 2021, and sales will start in September.
It will be interesting to see what happens with the real estate market this fall and winter. As long as mortgage rates stay relatively low, economists are not predicting a housing downturn nor a bubble.