Seattle Real Estate Trends – Episode 26 – 7/24/2020

We got a late start, but we are catching up quickly:

Covid stunted the traditional incline of the Seattle real estate market.  We were starting the Spring market early, in mid-February.  Prices and competition spiked in March, just to be halted by the Stay Home Order and the general fear of big life changes during a pandemic.   As Seattle started to settle into the realization that this is our new normal for the foreseeable future, the real estate market heated back up and did so quickly!

  This time last year was when we saw the peak number of total houses for sale.  Our peak number of condos for sale didn’t happen until the second week of August in 2019, but it’s safe to say that this time last year, the Settle real estate market was at the top of the seasonal surge.  I suspect we still have 4-6 weeks left until we hit the height of our annual real estate market top, since we had an 8 week delay during what is usually our busiest time of year.

Fewer houses and condos went pending this week than last week, but we still saw significantly more properties go pending than we did this same time last year.  The offer review date continues to inch up in popularity, and we are seeing more total properties for sale each week.

I feel like a broken record, but houses are still HOT and the condo market is still soft.  The condos that are going pending are all well priced and further away from the traditionally hot neighborhoods of Downtown, Belltown, Queen Anne and Capitol Hill.  Combine COVID with continuing protests, and we have a temporarily decline in the appeal of our more central neighborhoods.  

 

*From the Field*

 I was able to help a couple score a sweet starter home in Shoreline with NO OTHER OFFERS!  The other interested buyers were afraid it would escalate too high and they didn’t even submit an offer.   Learn from that!  If you love a house, go for it!  This hot market is scaring a lot of buyers into inaction, and your bravery to go for it in this hot market could score you the house you really want!

And yet still other homes are getting multiple offers.  The stunning mid century home I brought on the market last week received multiple offers and will end up selling significantly over the list price.  We would have even more offers, but 5 agents told me their clients loved the home but were afraid they just couldn’t compete.  Again, I encourage you TAKE THE SHOT!

 

Watch the Video HERE

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