Seattle Real Estate Trends – Episode 27 – 8/8/2020

This week, we zoom out a bit to see how real estate has behaved since the last week of March (when the impact of COVID started):


Let’s look at the number of condos for sale and pending since the last week of March:

The number of condos has almost doubled, but the demand (the number of pending condos) has stayed relatively flat.


The number of available houses for sale is up 25% (compared to 100% for condos), and the demand is rising at about an equal pace.

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Just The Facts:

The total number of available homes continues to rise, with demand for both houses and condos declining this week.  

Seattle Housing Market – August 2020

Holy SMOKES!  The real estate market was as hot as our summer temperatures this month.


#1 – Houses are HOT

What we care most about is the home prices in Seattle.  Let’s take a look at the median sales price for houses in Seattle:

The median sales price for houses (including townhouses) is up 5% from this time last year.  That is a very healthy and sustainable rate of price growth.  As the offer review date continued to gain popularity, we also saw homes sell just a bit faster and also for a bit more over list price.  On average, houses in Seattle sold for 102% of list price in July!  We finally got above 1,000 total homes for sale, but held steady at just 1.1 months of supply.  All metrics point to a competitive market for houses in Seattle.

#2 – Condos are WARM

Our median sales price is up!  It is up more than houses.   And condos are finally selling for 100% of the list price, and are selling faster than they have been.  We see a lot more total condos for sale, and only a slight increase in the number of condos sold.   I would say condos are HOT, but we have a bit more supply when compared to demand than we do with houses, and condos are still taking an average of over 3 weeks before they sell.   Last month I claimed the condo market was in BAD shape.  This month I will say the condo market is okay.


Lofty Goals – Brian Finds The Perfect Condo

You know that one friend that is ALWAYS there to help?  The friend that is nice and thoughtful and everyone just adores?  Well Brian is that friend.

One of the kindest and move lovable humans I’ve had the chance to work with, Brian won me over from day #1.  We started looking for a condo in February, but the condo market was getting real competitive.   And the COVID hit. Everything came to a halt.

 But not us.  We put on our masks.  We used the stinkiest hand sanitizer available and we went and found the PERFECT condo.  Seriously, it was way better than any other condo we had seen.  And it was a lower price.  We saw it the first day it went on the market, put in an offer the next day and was able to score a great loft condo on Capitol Hill for a fantastic price!

Congrats kid!  I hope you love your new condo!

Seattle Real Estate Trends – Episode 26 – 7/24/2020

We got a late start, but we are catching up quickly:

Covid stunted the traditional incline of the Seattle real estate market.  We were starting the Spring market early, in mid-February.  Prices and competition spiked in March, just to be halted by the Stay Home Order and the general fear of big life changes during a pandemic.   As Seattle started to settle into the realization that this is our new normal for the foreseeable future, the real estate market heated back up and did so quickly!

  This time last year was when we saw the peak number of total houses for sale.  Our peak number of condos for sale didn’t happen until the second week of August in 2019, but it’s safe to say that this time last year, the Settle real estate market was at the top of the seasonal surge.  I suspect we still have 4-6 weeks left until we hit the height of our annual real estate market top, since we had an 8 week delay during what is usually our busiest time of year.

Fewer houses and condos went pending this week than last week, but we still saw significantly more properties go pending than we did this same time last year.  The offer review date continues to inch up in popularity, and we are seeing more total properties for sale each week.

I feel like a broken record, but houses are still HOT and the condo market is still soft.  The condos that are going pending are all well priced and further away from the traditionally hot neighborhoods of Downtown, Belltown, Queen Anne and Capitol Hill.  Combine COVID with continuing protests, and we have a temporarily decline in the appeal of our more central neighborhoods.  


*From the Field*

 I was able to help a couple score a sweet starter home in Shoreline with NO OTHER OFFERS!  The other interested buyers were afraid it would escalate too high and they didn’t even submit an offer.   Learn from that!  If you love a house, go for it!  This hot market is scaring a lot of buyers into inaction, and your bravery to go for it in this hot market could score you the house you really want!

And yet still other homes are getting multiple offers.  The stunning mid century home I brought on the market last week received multiple offers and will end up selling significantly over the list price.  We would have even more offers, but 5 agents told me their clients loved the home but were afraid they just couldn’t compete.  Again, I encourage you TAKE THE SHOT!


Watch the Video HERE