SEATTLE HOUSING MARKET REPORT

Market Insights, Statistics, Graphs, And Infographs

EXTREME FRENZY SEATTLE HOUSING MARKET

The Seattle Real Estate Market Analysis For March 2020

COVID-19 has affected the market this month but we do not have the numbers or enough facts to determine what affect it will have exactly.  We will be adjust the report in the next few days to reflect the change.

We have adjusted our business practices to reflect the needs of our clients.  Including; bringing gloves, disinfecting wipes and hand sanitizer to privately scheduled showings.  Halting open houses.  Using the Zoom platform to conduct virtual presentations and meetings.  We have always used Matterport 3D virtual tours for every one of our listings so that people can tour the listing from home… wherever that may be.

Stay tuned for more information and stay safe and be healthy.

A few things that really stuck out to me as I was compiling the Seattle Housing Market stats.

Interest Rates Are at a Historic Low of 3.23% According To Mortgage News Daily Click To Tweet

  • The Average Sales Price has dropped the last 2 months
  • 956 Pending Sales is the most in February for more than 10 years.
  • Average of 43 Days On Market Despite an Extreme Frenzy market
  • Seattle now has Less than 1 Months Supply of Inventory
  • Homes are Selling for .6% higher than they are Listed
  • More Homes Sold this February than any previous February over the last 10 years

What that story tells me is 3 things:

1. People are not putting their homes on the market right now.

I have seen reports suggesting that people are staying in their houses longer and that some people are not selling their house when buying a second house.  Many people just like to wait until the spring to sell.

2. Winter is the New Spring!

We are nearing the end of  winter market in real estate and the Seattle housing market is in a Frenzy state.  73.3% of new listings went pending in the first 30 days on the market.

The number of new listings that came on the market in September was 1,366, October was 1,181, November was 679, December was 388, January was 815, February was 1,093. We are seeing more new listings than pending sales.

3. Buyers are hungry for new listings.

“After another year of employment stability, Washington economists predict more of the same in 2020.” (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 Snohomish County 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 73.3% 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 when more listings start coming on the market.

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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EXTREME FRENZY HOUSING MARKET

It’s “Multiple-Offer Everything” in Seattle, with unsold inventory down 38% in Feb. 2020, compared to Feb. 2019. Inventory is at an extreme shortage up to $1million (82% of Sales Activity Takes Place in this Range), and sales activity intensity is at an Extreme Frenzy. Historically low interest rates should help the housing market sustain strong momentum during the coronavirus outbreak.

Luxury homes in Seattle priced in the $1million to $1.5million range will see frenzy sales activity intensity in the spring. Sales activity intensity will be strong in the Spring for homes in the $1.5million to $3million range.J Lennox Scott

Seattle Real Estate Data

SALES ACTIVITY AND INVENTORY


seattle housing market activity

With only .9 months of supply if no other homes were listed in the next .9 months we would run out of houses to buy.

New listings increased in February.

If you are looking for homes above $1million you are seeing a little more inventory with 1.5 months of 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.

722 homes were sold in Seattle last month. That is up 114 from the previous month, up 100 from last year, and up 85 from 5 years ago.

As you can see in Seattle homes in the 350-1million price range are the most commonly listed and sold.  However, homes in the 250k-350k and 500k-750k price range sold the fastest.

DAYS ON MARKET

market condition

73% of homes are selling in less than 30 days in Seattle. That number is usually closer to 30%.

Although, houses in the 0-250k price range are selling 100% 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 $747,851. In comparison 5 years ago the average sales price was $536,734. That is a 71% increase over 5 years ago.

In addition the average home is selling for .6% higher than it is listed as.

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 3.23% a slight decrease from last month (source: Mortgage News Daily)

There are plenty of buyers that are in the market.

TIMING

6 Phases to yearly housing cycleBest time to sell your house

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

Although, as we mentioned above this season is starting earlier than usual.

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

Washington Job Growth Rate

“After another year of employment stability, Washington economists predict more of the same in 2020.”

“Over the past year, Washington’s ranking in economic growth and competitiveness rose from fifth highest to fourth highest in the nation, according to a September study prepared by the Washington State Economic and Revenue Forecast Council. Separate ESD data reported that Washington added 52,500 jobs between October 2018 and October 2019, with 41,600 of those jobs in the Seattle metro area.” (Seattle Times)

Seattle Population Increase

(Courtesy of Seattle Times)

According to the US Census Bureau Seattle the fastest growing city of the decade in the country.

The Seattle Housing Market Analysis INFOGRAPHIC


seattle housing market report for march

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 March

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

  • $747,851 was the average sold price for listings in Seattle.
  • 1,093 new listings were added to the MLS for Seattle this month.
  • 1,047 homes were for sale during the month.
  • 955 homes went pending in Seattle.
  • 722 homes sold this month
  • 1.6 months of inventory available in Seattle
  • 43 was the average days on market for a home to sell in Seattle
  • 100.6% was the average listing price vs. sales price percentage
  • $498 was the average price per square foot in Seattle
  • $539,948,665 was the total closed sales volume for Seattle
  • 3.23% was the interest rate
  • 73% of homes sold in the first 30 days in Seattle

Summary


The Seattle Housing Market saw 1,093 new listings, 1,047 homes remained for sale, while 722 homes sold in March in Seattle.

The average days on market increased slightly to 43 days, the percentage of sale price to listing price increased slightly to 100.6%, and the average sales price decreased slightly.  The percentage of homes that sold in the first 30 days is 73%.  Showing that with the job growth rate remaining high and interest rates low, buyers are out there.  We have seen the market remain in a surge status over the last couple months and the inventory in a shortage.

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

Now is 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, and the job market and population growth remains strong.

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