Seattle Housing Market – August 2020

Holy SMOKES!  The real estate market was as hot as our summer temperatures this month.

 

#1 – Houses are HOT

What we care most about is the home prices in Seattle.  Let’s take a look at the median sales price for houses in Seattle:

The median sales price for houses (including townhouses) is up 5% from this time last year.  That is a very healthy and sustainable rate of price growth.  As the offer review date continued to gain popularity, we also saw homes sell just a bit faster and also for a bit more over list price.  On average, houses in Seattle sold for 102% of list price in July!  We finally got above 1,000 total homes for sale, but held steady at just 1.1 months of supply.  All metrics point to a competitive market for houses in Seattle.

#2 – Condos are WARM

Our median sales price is up!  It is up more than houses.   And condos are finally selling for 100% of the list price, and are selling faster than they have been.  We see a lot more total condos for sale, and only a slight increase in the number of condos sold.   I would say condos are HOT, but we have a bit more supply when compared to demand than we do with houses, and condos are still taking an average of over 3 weeks before they sell.   Last month I claimed the condo market was in BAD shape.  This month I will say the condo market is okay.

 

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