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.
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