Even thought we have 40% fewer homes for sale this year than we did last year, we have just as many going pending. That means we have INCREDIBLY strong buyer demand for houses in Seattle right now.
Condos are a different story. We have very similar buyer demand week over week and compared to last year, but a jump up in the number of new listings, and total condos for sale. With the rate of supply (number of new listings) is significantly higher than the demand (number of pending listings), we see an ever softening condo market.
Let’s talk more about houses. We are still seeing strong buyer demand, but not an increasing number of homes with offer review dates. The percentage of homes with an offer review date dropped a bit this week. And of the homes that had offer review dates last week, only a little more than half of the homes got an offer on the offer review date. Without multiple offers, prices do not drive up quickly. While it is a good time to be a seller since buyer demand is high, we are not yet seeing metrics that show that we have a frenzy that will jack up prices. At least not yet.
Summer is the new Spring.
We typically have the surge of new listings and overly eager buyers in the Spring. We saw that behavior start early again this year, with February and early March being record breaking months for Seattle real estate. The COVID outbreak and corresponding city shut down brought real estate to a crawl. Now that we are settling into our new rhythm, the real estate market has picked back up.
New Listings Each Week in 2020:
As you can see, we ramped up in February, then a steep drop in mid-March. This week we have the most number of new listings of any week so far this year.