Seattle Housing Market Update – October 2020

Seattle Prices Came Back Down to Earth A Bit This Month

Looks like August was a bit of a sugar-high for real estate prices, and things are calming down a bit this month.

Again we see the tale of two different cities.

Houses and Townhouses:

Buyer demand was still strong, with 962 homes selling last month!  Considering we only had 1,164 home for sale, I am sure that number would have been even higher if there were more homes for sale.   The impact on buyers preference as a result of the ongoing extra time at home has caused the spike in demand for houses (and BIG houses) that is above and beyond what we normally see.

Condos:

More condos sold this month than the previous month and the previous year.  We had an increase of 18% more condos sell this month, and at the same time, we also had a 12% increase in the number of condos for sale.  We have 48% MORE condos for sale this year than in 2019, and are also seeing 47% more condos sell than this time last year.  But condos are still a tough sell.  You have a 2.5% chance of finding a buyer, and according to the data, those that do find a buyer take 30 days to get an offer and are selling for 99% of the list price.

Watch the video here

 

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