Again we see the tale of two very different markets. Single family houses continue to see competitive situations, high demand and rising prices. The condo market continues to soften, with a drastic reduction in the number of condos sold and condos selling for less than list price, on average.
Now let’s dive into the specific data:
#1 – How much??!?!?
What we care most about is the home prices in Seattle. Let’s take a look at the median sales price in Seattle:
Houses and Townhouse = $750,000 median sales price in May. A $50,000 decrease over the previous month.
Compared to $800,000 in April, and $758,000 back in 2019, and $788,500 in 2018.
Condos = $477,495 median sale price in May
Compared to $465,000 in April and $494,500 in 2019, and $517,000 in 2018.
#2 – How competitive??!?!?
The offer review date was really hit or miss this month. As an agent, it is SO tricky to predict buyer behavior, so confidence in the offer review date was a lot lower in April than it was in March.
May Week 1 = 65 (out of 206 total) houses with offer review dates – 38 of those went pending on the offer review date
May Week 2 = 69 (out of 212 total) houses with offer review dates – 47 of those went pending on the offer review date
May Week 3 = 82 (out of 225 total) houses with offer review dates – 61 of those went pending on the offer review date
May Week 4 = 67 (out of 213 total) houses with offer review dates – (it’s too soon to tell!)
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, indicating decreasing buyer demand.
#3 – How long??!?!?
Homes and condos took longer to sell in April than they did in March. Homes sold in an average of 16 days (compared with 13 last month and 20 last year), and condos sold in 25 days (compared to 18 days last month and 31 days last year).
#4 – Other Fun Metrics
- Houses have 1.7 months supply of inventory. Last month was 1.6 months and last year was 1.9 months
- Condos have 3.9 months supply of inventory. This is the highest since September 2018
- The total number of available houses for sale was 880, a 12% increase from last month, but a 40% decrease from 2019.
- The total number of available condos for sale was 521, a 19% increase from last month, but a 36% decrease from 2019.