March. What. A. MONTH!
The data below summarizes what happened in March. Keep in mind that most of the transactions that produced this data were initiated in February, long before COVID-19 was even on the radar in Seattle.
#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:
Houses and Townhouse = $781,000 median sales price in March
Compared to $715,000 in February, and $745,000 back in 2019.
Condos = $484,000 median sale price in March
Compared to $467,500 in February and $488,975 in 2019.
#2 – How competitive??!?!?
The first week of March, almost half of all new listings had offer review dates, and as each week went by, that number plummeted. Actual numbers of new listings with offer review dates:
March Week 1 = 93 houses with offer review dates
March Week 2 = 121 houses with offer review dates
March Week 3 = 79 houses with offer review dates
March Week 4 = 17 houses with offer review dates
#3 – How long??!?!?
Homes and condos sold faster in March than in any month since 2018. Homes sold in an average of 21 days (compared with 35 last month and 30 last year), and condos sold in 28 days (compared to 52 days last month and 47 days last year).
#4 – Other Fun Metrics
- Houses and townhouses sold for an average of 104% of list price. We haven’t seen that percentage since June 2018.
- Condos sold for an average of 100% of list price
- Houses have 1.1 months supply of inventory.
- Condos have 1.7 months supply of inventory.
Access the video transcript here.