May 2021 Seattle Real Estate Market Update | Home Prices and Trends
INSTANT-RESPONSE MARKET CONTINUES INTO MAY 2021 IN SEATTLE
THE SEATTLE REAL ESTATE MARKET ANALYSIS FOR MAY 2021
Every month we gather all the facts, data and statistics about the Seattle Housing Market and share them with you. We will discuss the 3 major factors in determining the strength of the market.
- Monthly Inventory Level
- Percentage of Homes That Go Pending In First 30 Days
- Current Interest Rates
The data tells a story about the current state of our local residential real estate market.
What this story tells me is...
That while Seattle is not quite as hot as the suburbs in Pierce and Snohomish County we still have a large group of buyers looking for a home.
We had 2 x's as many listings and sold properties last month compared to the same time last year, during the start of the pandemic and about 250 more listings in Seattle than in April 2019. Not only are we back to the norm of listings going on the market (supply) but we are still selling them as fast as they come on the market (demand).
While we had seen the prices of condos in Seattle take a big dip the prices seem to stabilizing. In September there was 4.9 months of inventory of Condos in Seattle and that number is down to 2.3 months of inventory.
People are still looking for more space, and that includes inside the city limits.
We continue to have a sever shortage of inventory in Seattle at .8 months of supply but if we look to the north and south of Seattle we are seeing .4 months supply in both Snohomish and Pierce Counties.
People have had plenty of time to think about what they want their home to be and have decided they need to make adjustments. In addition, many people have converted to working from home and no longer need to be commuting distance from Seattle or Bellevue.
Both of the these factors have driven people to the more affordable and more space that is available in Snohomish and Pierce County.
The major indicators are still above average for Seattle but slightly cooler than their neighboring counties to the north and south.
The majority of national economists have suggested that it will be the real estate market that pulls up the economy, and so far it is playing out.
Buyer indicators have never really declined, and we are continuing to see the seller indicators hit all time highs.
With still amazingly low interest rates, and a low level inventory the last couple of years the Seattle real estate market should remain in the surge to frenzy status for the foreseeable future.
The stay at home order continues to affect our industry in many ways, but it does not seem to be having a lasting impact on the Seattle housing market and residential real estate sales.
Along with following all state mandated safety guidelines and taking extra precautions we are focusing on delivering Virtual Real Estate Services.
If you are selling the average sales price is at all time highs, and 76% of homes are selling in the first 30 days. The average home is selling in just 20 days.
If you are buying the interest rates have never been lower! Which means your buying power has never been higher. More listings have started coming on the market.
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Instant-Response Market Continues Into May Every May we see a nice uptick in the number of new resale listings coming on the market. This increased availability and selection will be present throughout the summer. However, there is still a large backlog of home buyers, keeping the market in a state of “instant response” for each new resale listing. In Seattle, the market is virtually sold out up to $2 million. Sales Activity Intensity™ locally is predominantly uber-frenzy for homes priced up to $1.5 million, where 90 percent of sales take place. Sales Activity Intensity™ is frenzy from $1.5 to $2 million, and surge from $2 to $3 million. Above $3 million, we are seeing a very strong number of homes going under contract.
J Lennox Scott
CONTINUE READING REPORT: https://www.themadronagroup.com/seattle-housing-market-report/