Seattle Housing Market – July 2020

 

 

 

#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:

Prices for houses and townhouses are up, both year over year and month over month.   Despite the fact that we have less than 2/3 the number of homes for sale this year compared with last year, we still have more houses selling now than we did last year.

Condo prices continue to soften, and we are seeing far fewer condos sell this year than we did this same time last year.

 

#2 – How competitive??!?!?

  The offer review date was really hit or miss this month.   The offer review date for condo is less than 12% of all new listings each week, but the offer review date is more common with houses and townhouses:

June Week 1 = 37% of new listings had offer review dates – Only 43% of those with offer review dates this week went pending on the offer review date

June Week 2 = 42% of new listings had offer review dates – 67% of those with offer review dates this week went pending on the offer review date

June Week 3 = 45% of new listings had offer review dates – 68% of those with offer review dates this week went pending on the offer review date

June Week 4 = 42% of new listings had offer review dates 

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, and have been for many months now.

 

#3 – How long??!?!?

   Homes and condos took longer to sell in June than they did in May.   Homes sold in an average of 19 days (compared with 16 last month), and condos sold in 27 days (compared to 25 days last month).   Both houses and condos sold in the same number of days that they did back in June 2019.

 

#4 – Other Fun Metrics

  • Houses have 1.1 months supply of inventory.  Last month was 1.7 months and last year was 1.9 months
  • Condos have 3.6 months supply of inventory.  Last month is was 3.9 and last year it was 3.3 months.
  • The total number of available houses for sale was 899, only a 2% increase from last month, but a 41% decrease from 2019.
  • The total number of available condos for sale was 638, a 22% increase from last month, but a 13% decrease from 2019.

Watch the Video Here.

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 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

Seattle Housing Market – March 2020

March. What. A. MONTH!  

  The data below summarizes what happened in March.  Keep in mind that most of the transactions that produced this data were initiated in February, long before COVID-19 was even on the radar in Seattle.

#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 = $781,000 median sales price in March

   Compared to $715,000 in February, and $745,000 back in 2019.

Condos = $484,000 median sale price in March

  Compared to $467,500 in February and $488,975 in 2019.

 

#2 – How competitive??!?!?

  The first week of March, almost half of all new listings had offer review dates, and as each week went by, that number plummeted.  Actual numbers of new listings with offer review dates:

March Week 1 = 93 houses with offer review dates

March Week 2 = 121 houses with offer review dates

March Week 3 = 79 houses with offer review dates

March Week 4 = 17 houses with offer review dates

 

#3 – How long??!?!?

   Homes and condos sold faster in March than in any month since 2018.   Homes sold in an average of 21 days (compared with 35 last month and 30 last year), and condos sold in 28 days (compared to 52 days last month and 47 days last year).

#4 – Other Fun Metrics

  • Houses and townhouses sold for an average of 104% of list price.  We haven’t seen that percentage since June 2018.
  • Condos sold for an average of 100% of list price
  • Houses have 1.1 months supply of inventory.
  • Condos have 1.7 months supply of inventory.

Watch the Video Here

Access the video transcript here.

Seattle Housing Market – February 2020

It’s old news now, but the market continues to heat up.   Let’s look at what happened in Seattle real estate in January:

#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:

We have a strange turn of events.   House prices are EXACTLY where they were one year ago (and even down a bit from last month), but condo prices are up 10% from this time last year.  WHAT!?!?

#2 – How competitive??!?!?

  Well, the offer review date is back!  About 60% of houses *excluding new construction and homes over $1.5 million) are hitting the market with an offer review date.  Only 25% of condos are currently using offer review dates, but considering how many condos sold, and how steep the median sales price climbed when compared to January, we will likely see the offer review date become more and more common with condos.

 

#3 – How long??!?!?

   We continued to have eager buyers scoop up most of the available properties for sale, including the Crusty Rusties (properties that have been for sale longer than 90 days).  Houses had an average market time of 35 days (down from 42 days in January), and condos were on the market for an average of 52 days (compared to 64 last month).  Those numbers are higher than we saw in the frenzy of 2016 and 2017, but back then we didn’t have a large percentage of our available homes for sale have such long market times.  The fact that these “too long on the market” properties are finally getting purchased means the buyer demand is fierce and the available choices are too slim.

#4 – Other Fun Metrics

  • Houses and townhouses sold for an average of 101% of list price.  HELLO offer review date….
  • Condos sold for an average of 99% of list price
  • Houses have 1.2 months supply of inventory, the same as we had in January, but lower than the 1.7 months last year.
  • Condos have 1.5 months supply of inventory, down from 2.3 months in January and the 3.3 months this time last year.

Watch the Video Here

 

Access the video transcript here.