SEATTLE HOUSING MARKET FORECAST
Home Prices, Interest Rates, Real Estate Statistics, Video and Charts
Uber-Frenzy Housing Market in Full Bloom this April 2021 in Seattle
The Seattle Housing Market Analysis INFOGRAPHIC
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The Seattle Real Estate Market Analysis For April 2021
Every month we gather all the facts, data and statistics about the Seattle Housing Market and share them with you. We will discuss the 3 major factors in determining the strength of the market.
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- Monthly Inventory Level
- Percentage of Homes That Go Pending In First 30 Days
- Current Interest Rates
The data tells a story about the current state of our local residential real estate market.
What this story tells me is...
People are feeling safer moving back to the city. With 78% of listings going pending in the first 30 days.
While we had seen the prices of condos in Seattle take a big dip the prices seem to stablizing. In September there was 4.9 months of inventory of Condos in Seattle and that number is down to 2.6 months of inventory.
People are still looking for more space, and that includes inside the city limits.
We continue to have a sever shortage of inventory in Seattle at .7 months of supply but if we look to the north and south of Seattle we are seeing .2 months supply in both Snohomish and Pierce Counties.
People have had plenty of time to think about what they want their home to be and have decided they need to make adjustments. In addition, many people have converted to working from home and no longer need to be commuting distance from Seattle or Bellevue.
Both of the these factors have driven people to the more affordable and more space that is available in Snohomish and Pierce County.
The major indicators are still above average for Seattle but slightly cooler than their neighboring counties to the north and south.
The majority of national economists have suggested that it will be the real estate market that pulls up the economy, and so far it is playing out.
Buyer indicators have never really declined, and we are continuing to see the seller indicators hit all time highs.
With still amazingly low interest rates, and a low level inventory the last couple of years the Seattle real estate market should remain in the surge to frenzy status for the foreseeable future.
The stay at home order continues to affect our industry in many ways, but it does not seem to be having a lasting impact on the Seattle housing market and residential real estate sales.
Read About How We Are Navigating Business During The Crisis.
Along with following all state mandated safety guidelines and taking extra precautions we are focusing on delivering Virtual Real Estate Services.
SELLING?
If you are selling the average sales price is at all time highs, and 78% of homes are selling in the first 30 days. The average home is selling in just 27 days.
BUYING?
If you are buying the interest rates have never been lower! Which means your buying power has never been higher. More listings have started coming on the market.
Enjoy My Seattle Housing Market Report in 60 Seconds Video
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ABOUT SEATTLEUber-Frenzy Housing Market in Full Bloom The uber-frenzy Sales Activity Intensity™ is continuing into Seattle’s spring real estate market. The market is virtually sold out up to $3 million, but this isn’t due to a lack of new listings – it’s caused by high buyer demand for every new listing continuing at a rapid pace. The Sales Activity Intensity™ of homes priced up to $2 million (95 percent of sales activity) is predominantly at this uber-frenzy level. There is very strong luxury sales activity above $2 million in Seattle, and a shortage of unsold inventory in this range. J Lennox Scott
Seattle Real Estate GRAPHS AND Data
SALES ACTIVITY AND INVENTORY
With only .7 months of supply if no other homes were listed in the next 21 days we would run out of houses to buy.
There were 1,688 new listings in March.
If you are looking for homes from 0 -500k you are seeing more inventory.
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.
1,217 homes were sold in Seattle last month. That is up 299 from the previous month, up 303 from last year, and up 304 from 5 years ago.
In the Seattle housing market homes in the 500k-1m+ price range sold the fastest.
DAYS ON MARKET
78% of homes are selling in less than 30 days in Seattle. That number is usually closer to 30%.
Houses in the 750k-1mil price range are selling 86.1% of the time in the first 30 days.
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.
PRICE
We have already seen where a low inventory should drive up prices. The average sale price for Seattle homes is $894,050. In comparison 5 years ago the average sales price was $626,599... a 42% increase in equity.
Listings are selling at 103.8% of their list price.
INTEREST RATES
In order for it to be a sellers market there must be buyers.
With the interest rates at the Unbelievable rate of 3.39% a .17% increase from last month (source: Mortgage News Daily), there are plenty of buyers that are in the Seattle housing market.
TIMING
According to both Zillow and John L Scott’s massive data set we should be just hitting our busiest time of the year.
We can throw those out the window this year. As we have stayed fairly steady right through winter.
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
WHILE WE ARE NOT SURE HOW THE EMPLOYMENT NUMBERS WILL END UP HERE IS THE CURRENT UNEMPLOYMENT SITUATION
CURRENT UNEMPLOYMENT RATES
WA Employment Security Department
EMPLOYMENT NUMBERS PRIOR TO THE HEALTH CRISES
As you can see from the charts above unemployment is only slightly higher than it was prior to the event.
"After six consecutive years in the top 2 for growth among the 50 most-populous U.S. cities — that includes a No. 1 showing in 2013 — Seattle dropped to sixth place in 2019." (Seattle Times)
Seattle Market Stats
STATS PROVIDED BY: INFOSPARK
- $894,50 was the average sold price for listings in Seattle.
- 1,688 new listings went on the market this month.
- 1,311 homes were for sale during the month.
- 1,487 homes went pending in Seattle.
- 1,217 homes sold this month
- .7 months of inventory available in Seattle
- 27 was the average days on market for a home to sell in Seattle
- 103.8% was the average listing price vs. sales price percentage
- $538 was the average price per square foot in Seattle
- $1,088,058,865 was the total closed sales volume for Seattle
- 3.39% was the interest rate
- 78% of homes sold in the first 30 days in Seattle
SEATTLE HOMES FOR SALE
SEATTLE HOUSING MARKET Summary
The Seattle Housing Market saw 1,688 new listings, 1,311 homes were for sale, while 1,217 homes sold in March in Seattle.
The average days on market decreased from 35 days to 27 days, the percentage of sale price to listing price increased to 103.8%, and the average sales price increased. The percentage of homes that sold in the first 30 days is 78% indicating an Extreme Frenzy Market. Inventory is at .7 months of supply indicating a Severe Shortage.
Despite the crisis, with interest rates low, buyers are out there.
We should continue to see a surging to frenzy market for the foreseeable future.
Now seems to be an amazing time to sell your home as we are still seeing historically low inventory and high 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.
The jury is still out on the job market and population growth.
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