SEATTLE HOUSING MARKET FORECAST
Home Prices, Interest Rates, Real Estate Statistics, Video and Charts
Instant-Response Market Continues Into May 2021 in Seattle
The Seattle Housing Market Analysis INFOGRAPHIC
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The Seattle Real Estate Market Analysis For MAY 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...
That while Seattle is not quite as hot as the suburbs in Pierce and Snohomish County we still have a large group of buyers looking for a home.
We had 2 x's as many listings and sold properties last month compared to the same time last year, during the start of the pandemic and about 250 more listings in Seattle than in April 2019. Not only are we back to the norm of listings going on the market (supply) but we are still selling them as fast as they come on the market (demand).
While we had seen the prices of condos in Seattle take a big dip the prices seem to stabilizing. In September there was 4.9 months of inventory of Condos in Seattle and that number is down to 2.3 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 .8 months of supply but if we look to the north and south of Seattle we are seeing .4 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 76% of homes are selling in the first 30 days. The average home is selling in just 20 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
INSTANT HOME VALUATION
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ABOUT SEATTLEInstant-Response Market Continues Into May Every May we see a nice uptick in the number of new resale listings coming on the market. This increased availability and selection will be present throughout the summer. However, there is still a large backlog of home buyers, keeping the market in a state of “instant response” for each new resale listing. In Seattle, the market is virtually sold out up to $2 million. Sales Activity Intensity™ locally is predominantly uber-frenzy for homes priced up to $1.5 million, where 90 percent of sales take place. Sales Activity Intensity™ is frenzy from $1.5 to $2 million, and surge from $2 to $3 million. Above $3 million, we are seeing a very strong number of homes going under contract. J Lennox Scott
Seattle Real Estate GRAPHS AND Data
SALES ACTIVITY AND INVENTORY
With only .8 months of supply if no other homes were listed in the next 24 days we would run out of houses to buy.
There were 1,821 new listings in April.
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.
1,377 homes were sold in Seattle last month. That is up 134 from the previous month, up 649 from last year, and up 296 from 5 years ago.
In the Seattle housing market homes in the 500k-1m+ price range sold the fastest.
DAYS ON MARKET
76% 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 85.2% 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
AVERAGE SALE PRICE: $924,350
We have already seen where a low inventory should drive up prices. The average sale price for Seattle homes is $924,350. In comparison 5 years ago the average sales price was $663,855... a 39% increase in equity.
Listings are selling at 105.2% 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 3.12% a .27% decrease 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 are in the heart of the busiest time of the 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
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
As you can see from the charts above unemployment is still 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
- $924,350 was the average sold price for listings in Seattle.
- 1,821 new listings went on the market this month.
- 1,433 homes were for sale during the month.
- 1,524 homes went pending in Seattle.
- 1,337 homes sold this month
- .8 months of inventory available in Seattle
- 20 was the average days on market for a home to sell in Seattle
- 105.2% was the average listing price vs. sales price percentage
- $553 was the average price per square foot in Seattle
- $1,235,856,358was the total closed sales volume for Seattle
- 3.12% was the interest rate
- 76% of homes sold in the first 30 days in Seattle
SEATTLE HOMES FOR SALE
SEATTLE HOUSING MARKET Summary
The Seattle Housing Market saw 1,821new listings, 1,433 homes were for sale, while 1,337 homes sold in April in Seattle.
The average days on market decreased from 27 days to 20 days, the percentage of sale price to listing price increased to 105.2%, and the average sales price increased. The percentage of homes that sold in the first 30 days is 76% indicating an Extreme Frenzy Market. Inventory is at .8 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.
For more information about the Snohomish County Communities including; Homes For Sale, Detailed School Information, Detailed Park Information, Livability Reports, Maps, Restaurants, Grocery Stores, Government Offices, Churches, and Things To Do.
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