Seattle Housing Market Update – November 2020

This month had far more sales than is typical of this time of year.   The Seattle real estate market is slowed down just a little, but not nearly as much as we typically do this time of year.

 

Let’s start with prices:

When looking at houses, we see the median sales price held steady month-to-month, but we see consistent year-over-year price growth.  Compare that to condos where we had a jump up in median sales price from the previous month, but are still below the median sales price from 2 years ago. 

Let’s look at price growth over the last 5 years:

 

This graph shows that the median sale price for houses sees seasonal ups and downs, but we typically see price growth year over year.

 

 

 

 

 

 

 

 

Condos are not as predictable as houses.  Notice that the green top line is NOT 2020, it is 2018.  Condo prices fluctuate both month to month and year over year.

 

 

 

 

 

Other fun facts:

  • Houses sold in 17 days, while condos took 31 days
  • Houses sold for 103% of list price, while condos sold for 99%

The number of people buying homes in Seattle is WAY UP:

We have fewer homes, but more condos for sale than we have in previous years.   The buyer demand for houses is more intense than we have seen in years.

We are seeing more condos sell than we have in previous years, but when we consider we have more than double the number of available condos for sale than we have in previous years, we can see that the condo market is not nearly as robust as the house market.

 

 

 

 

 

 

 

Watch the video HERE

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