Seattle Housing Market – June 2020

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.

Watch the Video Here


Seattle Real Estate Trends – Episode 19 – 5/23/2020

I’ll keep it short this week!

 

Houses continue to have strong demand, while condos see a slowing in demand, but an increase in the number of new condos coming on the market:

The offer review date is making a comeback for houses, and that is often an indicator of how hot the market is getting:

It is still unbelievable that a global pandemic hasn’t stopped Seattle real estate,  Y’all stay safe and healthy out there!

 

Watch the video here.

Seattle Real Estate Trends – Episode 18 – 5/15/20

We are seeing the seasonal rise in the number of new listings like we always do this time of year, just on a reduced scale:

Just the Facts:

 

Week over week, no big changes in the numbers of new listings, pending listings, or total number of homes for sale.  But when we compare this to last year, it is EYE OPENING!

 

 

We have 40% fewer new houses come on the market this week when compared with the same time last year.  That doesn’t seem shocking at all considering we are still in the most restrictive phase of the Stay Home Order.  What is surprising is that we only have a 13% decrease in the number of pending listings.  That is a loud indicator that buyer demand right now is strong.  I believe if we had only 20% fewer listings, we may be seeing MORE pendings (for houses) than we did last year, but because supply is short, it is restricting the number of houses that are going pending.

  Condos are not seeing such robust metrics.   The decrease in buyer demand is double the decrease in new listings.  That equates to an even more challenging condo market than we had this same time last year.  It would make sense that as people long for a little more personal and physical space, they would be less attracted to condo buildings considering all the communal spaces one has to navigate in a condo building. 

Watch the Video Here

 

It is certainly not business as usual.  If you want the specifics on how we are doing things during this COVID crisis, check out the blog here.


Seattle Housing Market – May 2020

April was the month where we finally get to see the impact of the COIVD crisis on home values.

 When digesting the data below, keep in mind that it is typically 30 days from the time a property goes under contract to the time it closes.  Our monthly data is based off of closed sales, so it is a lagging indicator.  We can assume that all the closed sales in April were initiated in March (or last week of February or first week of April on the extreme ends).   

We all want to know how prices are impacted by our COVID crisis.  So let’s take a look at the COVID timeline in Seattle:
  • January 21st – First confirmed case
  • February 26th – First death
  • February 29th – Governor Inslee declared a state of emergency
  • March 3rd – Seattle Mayor Durkin declared a civil emergency
  • March 9th – Inslee announced first set of “new “rules”
  • March 12th – All public schools closed
  • March 15th – All sit-down restaurants closed
  • March 23rd – Stay At Home Order issued

  Politics and public health isn’t something that is normally covered in this blog, but it is important to understand the severity of the situation in Seattle during the time that all the transactions I am reporting on today were initiated during the same time ALL of those frightening and terrible things were happening.  

#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 = $800,000 median sales price in April.  A $19,000 increase over the previous month!

   Compared to $781,000 in March, and $745,000 back in 2019, and $800,000 in 2018.  We are officially back to peak prices.

Condos = $464,000 median sale price in April

  Compared to $484,00 in March and $475,000 in 2019, and $535,000 in 2018.  Condo prices are not as robust as house prices.

 

#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.

April Week 1 = 22 (out of 110 total) houses with offer review dates – 16 of those went pending on the offer review date

April Week 2 = 55 (out of 172 total) houses with offer review dates – 23 of those went pending on the offer review date

April Week 3 = 38 (out of 169 total) houses with offer review dates – 24 of those went pending on the offer review date

April Week 4 = 53 (out of 159 total) houses with offer review dates – (it’s too soon to tell!)

House sold for an average of 102% of the list price, indicating that many homes were still seeing multiple offers.

Condos sold for an average of 100% of the list price, indicating stable buyer demand.

 

#3 – How long??!?!?

   Homes and condos sold faster in April than they did in March.   Homes sold in an average of 13 days (compared with 21 last month and 22 last year), and condos sold in 18 days (compared to 28 days last month and 36 days last year).

 

#4 – Other Fun Metrics

  • Houses have 1.6 months supply of inventory.
  • Condos have 3.1 months supply of inventory.
  • The total number of available houses for sale was 786, a 16% increase from last month, but a 40% decrease from 2019.
  • The total number of available condos for sale was 437, a 12% increase from last month, but a 30% decrease from 2019.

Watch the Video Here

Access the video transcript here.

Interested in the historic info?

Check out last month here

Check out 2019 here

Check out 2018 here

Go WAY back to 2017 here

Even FURTHER back to 2016