What we care most about is the home prices in Seattle. Let’s take a look at the median sales price in Seattle:
Prices for houses and townhouses are up, both year over year and month over month. Despite the fact that we have less than 2/3 the number of homes for sale this year compared with last year, we still have more houses selling now than we did last year.
Condo prices continue to soften, and we are seeing far fewer condos sell this year than we did this same time last year.
#2 – How competitive??!?!?
The offer review date was really hit or miss this month. The offer review date for condo is less than 12% of all new listings each week, but the offer review date is more common with houses and townhouses:
June Week 1 = 37% of new listings had offer review dates – Only 43% of those with offer review dates this week went pending on the offer review date
June Week 2 = 42% of new listings had offer review dates – 67% of those with offer review dates this week went pending on the offer review date
June Week 3 = 45% of new listings had offer review dates – 68% of those with offer review dates this week went pending on the offer review date
June Week 4 = 42% of new listings had offer review dates
House sold for an average of 101% of the list price, indicating that many homes were still seeing multiple offers.
Condos sold for an average of 99% of the list price, and have been for many months now.
#3 – How long??!?!?
Homes and condos took longer to sell in June than they did in May. Homes sold in an average of 19 days (compared with 16 last month), and condos sold in 27 days (compared to 25 days last month). Both houses and condos sold in the same number of days that they did back in June 2019.
#4 – Other Fun Metrics
Houses have 1.1 months supply of inventory. Last month was 1.7 months and last year was 1.9 months
Condos have 3.6 months supply of inventory. Last month is was 3.9 and last year it was 3.3 months.
The total number of available houses for sale was 899, only a 2% increase from last month, but a 41% decrease from 2019.
The total number of available condos for sale was 638, a 22% increase from last month, but a 13% decrease from 2019.
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.
For the second week in a row, we see more houses going pending this year when compared to both last week AND last year.
We have 42% FEWER houses for sale, but 34% MORE houses going pending.
When looking at houses, all signs point to a heating up market. Increasing number of pending homes AND an increase in the percentage of homes with an offer review date.
But the condo market is behaving much differently. We have 11% fewer listings than this time last year, and 12% fewer people putting in offers on condos. Only 11% of condos have an offer review date.
This week the odds favored sellers of houses and buyers of condos.
Now Let’s Look At Interest Rates:
According to Freddie Mac, a 30 year fixed loan was at 3.21% last week. Last year at this time it was 3.82%. Low interest rates help ease the affordability issue we have in Seattle and spur buyers into action, therefore increasing demand.
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