It’s old news now, but the market continues to heat up. Let’s look at what happened in Seattle real estate in January:
#1 – How much??!?!?
What we care most about is the home prices in Seattle. Let’s take a look at the median sales price in Seattle:
We have a strange turn of events. House prices are EXACTLY where they were one year ago (and even down a bit from last month), but condo prices are up 10% from this time last year. WHAT!?!?
#2 – How competitive??!?!?
Well, the offer review date is back! About 60% of houses *excluding new construction and homes over $1.5 million) are hitting the market with an offer review date. Only 25% of condos are currently using offer review dates, but considering how many condos sold, and how steep the median sales price climbed when compared to January, we will likely see the offer review date become more and more common with condos.
#3 – How long??!?!?
We continued to have eager buyers scoop up most of the available properties for sale, including the Crusty Rusties (properties that have been for sale longer than 90 days). Houses had an average market time of 35 days (down from 42 days in January), and condos were on the market for an average of 52 days (compared to 64 last month). Those numbers are higher than we saw in the frenzy of 2016 and 2017, but back then we didn’t have a large percentage of our available homes for sale have such long market times. The fact that these “too long on the market” properties are finally getting purchased means the buyer demand is fierce and the available choices are too slim.
#4 – Other Fun Metrics
- Houses and townhouses sold for an average of 101% of list price. HELLO offer review date….
- Condos sold for an average of 99% of list price
- Houses have 1.2 months supply of inventory, the same as we had in January, but lower than the 1.7 months last year.
- Condos have 1.5 months supply of inventory, down from 2.3 months in January and the 3.3 months this time last year.