Seattle Real Estate Market Report October 2021
SEATTLE HOUSING MARKET FORECAST
HOME PRICES, INTEREST RATES, REAL ESTATE STATISTICS, VIDEO AND CHARTS
We Discuss Why We See An Increase In Sales Activity Intensity in the Seattle housing market for OCTOBER 2021
This article will be about the current and future state of the Seattle housing market. We’ll start with an infographic and some quick stats we think are important, then we’ll dive into what story the statistics are telling us.
Then you can check out my 60 second video pointing out the 3 key indicators and how they affect the market. Next we will hear from the 24th most influential person in real estate, Lennox Scott and what he sees happing in the Seattle market.
We will do a short breakdown on Sales Activity, Days on Market, Price, Interest Rates, Timing and Job and Population Growth. A complete list of the MLS Infospark stats for Seattle.
Lastly, don't forget to check out the newest Seattle homes for sale.
TABLE OF CONTENTS
SEATTLE HOUSING MARKET REPORT QUICKSTATS
- Average Sales Price DECREASED by $9k total to $902K
- New Listings INCREASED to 1,589
- Sold Homes DECREASED to 1,244 (+540 Same Month 2019)
- Pending Sales INCREASED to 1,321 (+460 Same Month 2019)
- Percentage of Sold Price to List Price DECREASED to 102.7%
- Interest Rates INCREASED to an Unbelievable 3.10%
- Home Inventory INCREASED to .9 Months of Supply
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...
Seattle home buyers are still hungry for more inventory but they are willing to wait for the right price a little longer.
As we have been talking about for a few months Seattle has the 2nd highest percentage of tech workers in the country. Tech jobs bring people in from all over the world and tend to be come with an above average salary. So what do tons of new people with above average salaries need when they get to Seattle, a place to live.
According to ApartmentList.com Seattle's median two-bedroom rent is $2,170 month. Which equates to approximately a $460K townhome with 20% down on a 30 year fixed 3.10% interest rate loan.
We saw the number of new listings jump back up in September. All the people that did not list during the pandemic, investors that are not interested in waiting for the rental moratorium to be lifted and people that want to take advantage of a once in a lifetime sellers market.
Despite having an above average number of new listings coming on the market our inventory level is at just .9 months of supply.
When you add the large number of high income tech workers with the unbelievable low interest rates and the desire for people to move into larger homes that accommodate all the at home activities that people have gotten used to it is easy to see how all those new listings continue to sell.
We are also seeing new investors enter the market as a popular new trend of turning rentals into VRBO's and Air BnB's continue to grow.
Although, we did see both the average sales price and the percentage of list price to sales price dip again this month. Indicating that with the increased number of listings on the market buyers were not forced to enter into as many or as aggressive bidding wars as we have seen the last few months.
The majority of national economists predicted that the real estate market would pull up the economy, and we are seeing that play out. There is a bit of concern about what will happen when the eviction moratoriums come to end, which is scheduled for October 30th.
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 housing market should remain in the surge to frenzy status through the spring of 2022.
Although WA has essentially opened back up we continue to follow all state mandated safety guidelines and take extra precautions. We are focusing on delivering Virtual Real Estate Services.