Seattle Real Estate Trends – Episode 22 – 6/20/2020

Houses continue to have high demand, while condo demands remains flat as number of condos for sale rises.

The condo market will likely continue to lag.  Once houses become too competitive, it will push some buyers back to the condo market.

If you are considering selling your house – now is a great time.

If you are considering buying a condo – now is a great time.

Watch the video here


Seattle Real Estate Trends – Episode 21 – 6/13/2020

It is unbelievable that the Seattle housing market is so robust during a global pandemic.

It is also shocking that the house market and the condo market are behaving so differently!

Watch the Video Here

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.


The Cozy Cottage – **PENDNG **

“It’s So Nice to See YOU”   

– The Front Porch

This Highland Park cutie just feels right. The sunny corner lot with mature landscaping welcomes you home.  Open-concept main room allows for you to flow effortlessly from kitchen to dining to living.  Freshly updated kitchen with stainless appliances, granite counters and a custom upcycled island. The perfect layout for when we can start hosting dinner parties or game nights!

 

  Step outside and wander through the layers of outdoor space.  Start with the charming front porch and yard that lure you into long Sunday mornings sipping coffee and watching the neighbors walk by.  Or tuck into the side yard for a private oasis ideal for lounging, book reading or summertime drinks with your closest friends.  When you reach the backyard, you see endless possibilities.  Raised garden beds are ready for your organic garden.  Lots of open space for a chicken coop or a hot tub or a fire pit.  Make this the backyard of your dreams!

 

 

Virtual Open House Schedule:

Watch the Video Here.

Home Features

  • Fully fenced backyard
  • Large one-car garage
  • Stainless steel appliances
  • Space for RV or boat parking
  • Mature landscaping
  • Fruit Trees
  • Ductless Split heat and a/c
  • Open concept living and kitchen

Take the 3D Tour Here.

 

The Fine Print:

* 8802 10th Ave SW Settle WA 98106
* Listed at $445,000 
* NWMLS #1612971
* 2 bedrooms, 1 bathroom
* 870 square feet
* 2020 annual taxes $3,422
 
  Call or text Christy at 206-859-8358 for a private showing or virtual tour

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