SEATTLE HOUSING MARKET REPORT
Market Insights, Statistics, Graphs, And Infographs
REAL ESTATE MARKET REMAINS IN MOTION DESPITE THE COVID-19 OUTBREAK
The Seattle Real Estate Market Analysis For April 2020
COVID-19 has affected the market this month but not as much as we may have expected. Even with the market virtually shutting down for about 3 days we are not seeing much dip in market activity.
Our commitment to our clients is that we will take every precaution to ensure your safety. We can all agree that buying and selling a house is a major decision in our lives, however it pales in comparison to our health and our families health.
We ask that you bare with us as we try to figure this out. Things are changing everyday and we are doing everything in our power to stay current and compliant.
We have had to modify the way we operate our services, meetings, and the way we interact with our clients and each other as real estate professionals.
Read About How We Are Navigating Business with COVID-19
Along with taking extra precautions we are focusing on delivering Virtual Real Estate Services.
A few things that really stuck out to me as I was compiling the Seattle Housing Market stats.
Despite a 1 Day jump into the 4's Interest Rates remain historically low at 3.625% According To Mortgage News Daily Click To Tweet- The Average Sales Price Rocketed up $81,665 to $831,491
- Average Number of Days on Market slid down 16 days to 27 days
- Percentage of Sold Price to List Price rose 1.9% to 102.5%
- Seattle remains in a housing shortage with just 1 months supply of inventory
- There were more New Listings, Pending Sales and Closed Sales this month than last
What that story tells me is
Despite the COVID-19 Crisis buyers are still hungry for new listings.
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.
If you are selling the average sales price is at all time highs, and 72% 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:
- Up-to-date with current market intensity and pricing
- Get pre-approved or fully underwritten through a lender,
- 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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CONTACT JOE & JASONREAL ESTATE MARKET REMAINS IN MOTIONThe Seattle Real Estate market experienced a bit of turbulence in late March as the Corona Virus crisis evolved. Following state-wide orders, the markets virtually paused for a few days, but began picking up after real estate guidelines were adjusted to support social distancing. Now, with these guidelines in place, buyers and sellers can take advantage of historically low interest rates in the mid-threes. With inventory shortages in the more affordable, mid-and heading into the high-end price ranges, the focus remains on each new listing.
We’re now in the prime-time season for the luxury market, which runs from March through October. Conditions are starting to get back in line for a positive market in the high-end and luxury price ranges.J Lennox Scott
Seattle Real Estate Data
SALES ACTIVITY AND INVENTORY
With only 1 months of supply if no other homes were listed in the next 1 months we would run out of houses to buy.
New listings increased in March.
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.
895 homes were sold in Seattle last month. That is up 171 from the previous month, up 174 from last year, and up 6 from 5 years ago.
As you can see in Seattle homes in the 350-1 million price range are the most commonly listed and sold. However, homes in the 0-250K and 500k-750k price range sold the fastest.
DAYS ON MARKET
72% of homes are selling in less than 30 days in Seattle. That number is usually closer to 30%.
Houses in the 0-250k price range are selling 80% 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 $831,491. In comparison 5 years ago the average sales price was $533,595. That is a 64% increase over 5 years ago.
In addition the average home is selling for 2.5% higher than it is listed as.
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 3.625% a slight increase from last month (source: Mortgage News Daily)
There are plenty of buyers that are in the market.
TIMING
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
WHILE WE ARE NOT SURE HOW THE EMPLOYMENT NUMBERS WILL END UP HERE IS THE CURRENT UNEMPLOYMENT SITUATION
EMPLOYMENT NUMBERS PRIOR TO THE COVID-19 CRISES
“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)
(Courtesy ofSeattle Times)
According to the US Census Bureau Seattle the fastest growing city of the decade in the country.
The Seattle Housing Market Analysis INFOGRAPHIC
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PAST MONTHS REPORTS
We put this list together every month. If you are interested in seeing past months you can access the archive below:
Seattle Market Stats
STATS PROVIDED BY: INFOSPARK
- $831,491 was the average sold price for listings in Seattle.
- 1,339 new listings were added to the MLS for Seattle this month.
- 1,253 homes were for sale during the month.
- 922 homes went pending in Seattle.
- 895 homes sold this month
- 1.4 months of inventory available in Seattle
- 27 was the average days on market for a home to sell in Seattle
- 102.5% was the average listing price vs. sales price percentage
- $515 was the average price per square foot in Seattle
- $743,352,757 was the total closed sales volume for Seattle
- 3.625% was the interest rate
- 72% of homes sold in the first 30 days in Seattle
Summary
The Seattle Housing Market saw 1,339 new listings, 1,253 homes remained for sale, while 895 homes sold in April in Seattle.
The average days on market decreased sharply to 27 days, the percentage of sale price to listing price increased slightly to 102.5%, and the average sales price rocketed up $80k. The percentage of homes that sold in the first 30 days is 72%. Showing that despite the crisis, with interest rates low, buyers are out there. We have seen the market go to a Frenzy status over the last month and the inventory to a severe shortage.
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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