SEATTLE HOUSING MARKET REPORT

Market Insights, Statistics, Graphs, And Infographs

THE SEATTLE HOUSING MARKET IS VIRTUALLY SOLD OUT

The Seattle Real Estate Market Analysis For the 4th quarter of 2019 Feels Like A Spring Market.

A few things that really stuck out to me as I was compiling the 4th quarter stats

Interest Rates Are At Only 3.76% According To Mortgage News Daily Click To Tweet

  • Average Sales Price hovered around the $800k range for the last 9 months.
  • 860 Pending Sales is the most in November for more than 10 years.
  • Unlike in Snohomish County no price range is in a Frenzy Market intensity.
  • The Percentage of Sold Price to List price stayed below 100% for the 5 month.
  • 866 more homes were for sale this November than last November.
  • The Inventory dipped below 2 months for the first time since February

Despite the generally slower activity in the winter months there were still plenty of homes for sale left over from the spring market that are getting gobbled up in the winter.

We are deep into the winter market in real estate and the Seattle housing market is almost in a Surge market.  That means that at least 50% of new listings went pending in the first 30 days on the market.

The number of new listings that came on the market in July was 1,284, August was 1,127, September was 1,397, October was 1,211 and November was 698. We are still seeing more new listings than pending sales.

Washington’s employment growth was expected to slow in 2018, but the state’s overall growth and competitiveness improved significantly, ranking the fifth-highest in the nation compared to the seventh spot in the previous year, according to Economic and Revenue Forecast Council data. ERFC economists predict the state’s rate of job growth will hold steady at 2.4 percent for 2019.” (Seattle Times)

According to the Seattle Times and US Census Bureau Seattle is the fastest growing city of the decade.

With still amazingly low interest rates, strong job growth, more people moving to Seattle than anywhere else in the country, and a low level inventory the last couple of years the Seattle real estate market should remain in the surge to frenzy status through 2020.

If you are selling the average sales price is at all time highs, and 52.1% of homes are selling in the first 30 days.

If you are buying the interest rates have never been lower and this is typically the time of year to find the deals.

There are 3 important steps you should take to get ready to buy.

Position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer.

The Madrona Group can consult with you to be:

  1. Up-to-date with current market intensity and pricing
  2. Get pre-approved or fully underwritten through a lender,
  3. Receive email/text notification of newly listed properties

In today’s instant-response market, it’s key to ensure you’re ready to act when the timing is right.


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December marks a low point for new listings, and a shortage of inventory this year in the more affordable and mid-price ranges means the pressure is on, despite the winter chill. n the more affordable and mid-price ranges up to $1,000,000 in Seattle, we will see a Frenzy this in spring; this range comprises 84% of sales activity.

Seattle’s luxury market will also see a Frenzy sales activity in the spring in the $1 million to $1.5 million price range. Sales activity intensity for the $1.5 million to $2 million range will be strong, and healthy above $2 million.J Lennox Scott

KING County Real Estate Data

SALES ACTIVITY AND INVENTORY


sales activity

With only 1.1 months of supply if no other homes were listed in the next 1.1 months we would run out of houses to buy.

New listings slowed down to a crawl in December.

If you are looking for homes above $1million you are seeing plenty of inventory with homes sitting 6.1 months.

As you can see from the table above anything below 5 months is considered low.  Low inventory means higher demand.  Higher demand drives the price up.

875 homes were sold in Seattle last month. That is down 70 from last month, down 160 from last year, and up 64 from 5 years ago.

As you can see in Seattle homes in the 350-750K price range are the most commonly listed and sold.  However, homes in the 250k-350k price range sold the fastest.

Homes over 1 million are much less common and sit on the market longer.

DAYS ON MARKET


Market Condition

52% of homes are selling in less than 30 days in Seattle. That number is usually closer to 30%.

Although, houses in the 750k to 1million price range are in the 58.6% range.

Because there are less homes for sale and there are still many buyers trying to buy… the homes that do list are usually selling very fast. However, we are starting to see homes sit a bit longer and they are not getting as many bids.

PRICE


We have already seen where a low inventory should drive up prices. The average sale price for Seattle homes is $789,612. In comparison 5 years ago the average sales price was $540,376. That is a 68% increase over 5 years ago.

In addition the average home is selling for 1.1% lower than it is listed as. That means that buyers are seeing a discount from the spring rates.

INTEREST RATES


interest rates

In order for it to be a sellers market there must be buyers. With the interest rates at an amazingly low rate of 3.76% a slight decrease from last quarter (source: Mortgage News Daily)

There are plenty of buyers that are in the market.

TIMING


Zillow Best Time To Sell Your Home

6 Phases to yearly housing cycle

According to both Zillow and John L Scotts massive data set we are just about to start the busy season.

However, as we see from the stats  we are seeing an extension of the buying season this year.

If you’re a buyer you will want to position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer. We can consult with you to be up-to-date with current market intensity and pricing, get pre-approved or fully underwritten through a lender, and receive email/text notification of newly listed properties.

In today’s instant-response market, it’s key to ensure you’re ready to act when the timing is right and make sure you are Buyer Ready Day One.

Sellers should be Market Ready Day One.

JOB AND POPULATION GROWTH


Wa state employment forecastAccording to the Washington State Economic and Revenue Forecast Council Washington State should see in increase of job growth of 2.9% in 2017.  With a healthy projection for 2018.

Seattle Population Increase

(Courtesy of Seattle Times)

According to the US Census Bureau Seattle was again the fastest growing city in the country.

According to Zillows massive data set early May is the best time to list a home to maximize value. November is the best time for buyers to maximize value.

Now is still a great time to sell as you will have less competition against your home, there are still a backlog of buyers, and the prices and selling times are still high.

These next 2 months are the best time for buyers.

The Seattle Real Estate Market Analysis INFOGRAPHIC


Seattle Housing Market Report

If you like our infographic or know someone that may like it please don’t hesitate to share it on your Pinterest, Facebook, Twitter, or Google+. If you would like to download the image: Download The Seatttle Market Report Infographic For Quarter 4 2019

PAST MONTHS REPORTS

We put this list together every month. If you are interested in seeing past months you can access the archive below:

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Seattle Market Stats

STATS PROVIDED BY: INFOSPARK

  • $789,612 was the average sold price for listings in Seattle.
  • 698 new listings were added to the MLS for Seattle this month.
  • 1,665 homes were for sale during the month.
  • 860 homes went pending in Seattle.
  • 875 homes sold this month
  • 1.8 months of inventory available in Seattle
  • 37 was the average days on market for a home to sell in Seattle
  • 98.9% was the average listing price vs. sales price percentage
  • $457 was the average price per square foot in Seattle
  • $690,910,350 was the total closed sales volume for Seattle
  • 3.72% was the interest rate
  • 52.1% of homes sold in the first 30 days in Seattle

Summary


The total inventory saw 698 new listings, 1,665 homes remained for sale, while 875 homes sold in December in Seattle.

The average days on market increased slightly to 37 days, the percentage of sale price to listing price decreased slightly to 98.9%, and the average sales price decreased slightly.  The percentage of homes that sold in the first 30 days is 52.1%.  Showing that with the job growth rate remaining high and interest rates low, buyers are out there.  We have seen the market stay steady in a surge status over the last couple months and the inventory decreased to a shortage.

We should continue to see a surging to frenzy market through the year 2020.

Now is still an amazing time to sell your home as we are still historically low on inventory and high on prices.

If you are considering a move up, a move down, or just want to sell your home… Months of inventory is still at well below average.  Homes are selling at a rapid pace, the Interest Rates are still at below average lows, and the job market and population growth remains strong.

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