Tamara Marson • Windermere Real Estate Midtown COMPASS, Leah Williams • HomeSmart Real Estate Assoc Windermere RE Greenwood, Tom Skepetaris • Alchemy Real Estate Coldwell Banker Danforth, Don Ennes • Windermere Real Estate Midtown Windermere Real Estate Midtown, Michael Cogdell • Best Choice Realty LLC Coldwell Banker Bain. 753 homes were sold in Seattle last month. Seattle medium home prices jumped up 18 points six percent since last year up-to-date. Seattle Housing Bubble Burst. Thankfully, the Pelican State is not already among the U.S. states with the highest bankruptcy rates. The housing market predictions were pointing out that all the housing indices would trend upward for the nation as a whole as well as in every state, including the top 100 metro areas. As I have been reporting for the last 10 months that buyer indicators have never really declined, and we are continuing to see the seller indicators hit all time highs. An impressive return on investment, combined with growing demand and property prices, guarantees Seattle’s place amongst the top housing markets in the country. Most homes get multiple offers, often with waived contingencies. Competing offers escalated ~200K over list price. In order for it to be a sellers market there must be buyers. Track your home’s value and compare it to nearby sales. “Over the past year, Washington’s ranking in economic growth and competitiveness rose from fifth highest to fourth highest in the nation, according to a September study prepared by the Washington State Economic and Revenue Forecast Council. Separate ESD data reported that Washington added 52,500 jobs between October 2018 and October 2019, with 41,600 of those jobs in the Seattle metro area.”(Seattle Times). If you are buying the interest rates have never been lower! Finding A Good Deal On A Home. As Seattle condos fell out of favor the average sales price for a condo went into a free fall, dropping $114K in December and January.  They are selling at 98% of their list price. Despite the crisis, with interest rates low, buyers are out there. The average sale price for Seattle homes is $827,122. The first step is to ensure you are not overpaying. Overall, Tucker said, the Seattle area housing market will stay hot into 2021. Seattle's housing market was hotter than almost anywhere else in the country. And buyers should expect rising prices. That number is usually closer to 30%. Market Stats, Neighborhoods, Video, Parks, Schools, Homes For Sale and more. More sellers started to drop their prices, and at the same time more houses came onto the market. $225,000 over the listed price. pawpatro Yesterday 11 Comments Bookmark; function; The price of east side has gone up 20-40% in the past couple months, making the amount of money I made from stock look meaningless. This pace of growth is unsustainable. Be sure to subscribe to our newsletter to get updated information about the Snohomish County. Competitive offer situation. Let’s go over some more details on why the housing market has some signs of concerns. The Office of Housing has collected resources to assist low-income families to find an apartment that fits their budget and needs. Home prices continued to rise, although at a less frenzied state. Since fall 2018 Seattle's housing market has cooled down. School service boundaries are intended to be used as reference only. Use this tool to get an instant estimation of the value of your home. As of October, the Index sits at around 120. For the past five or six years, the Seattle real estate market has been marked by extremes. The U.S. housing market, which was headed for a hot spring-selling season, may not be so healthy after all. With the interest rates at the Phenomenal rate of 2.80% a .03% increase from last month (source: Mortgage News Daily), there are plenty of buyers that are in the Seattle housing market. REDFIN and all REDFIN variants, TITLE FORWARD, WALK SCORE, and the R logos, are trademarks of Redfin Corporation, registered or pending in the USPTO. Several offers over $1.3m. Let's take a look at how much it costs to buy here. An extreme drop in inventory led to an astronomical rise in home prices, as buyers competed fiercely for limited supply. Further, there’s many homes in forbearance. Multiple offers received with the winning offer escalating to about 10% over list. Baton Rouge, Louisiana, is expected to see a housing market downturn of 2.3%, the worst in the nation, after the coronavirus pandemic. And with that demand, real estate agents are doing everything they can to … We have already seen where a low inventory should drive up prices. Seattle housing market sees ‘massive changes’ in post-lockdown landscape. To verify enrollment eligibility for a property, contact the school directly. The average home is selling in just 31 days. If you are considering a move up, a move down, or just want to sell your home… Months of inventory is still at well below average.  Homes are selling at a rapid pace, the Interest Rates are still at below average lows. For more information about the Snohomish County Communities including; Homes For Sale, Detailed School Information, Detailed Park Information, Livability Reports, Maps, Restaurants, Grocery Stores, Government Offices, Churches, and Things To Do.Â. Housing Analysis, Housing Market, Seattle While the real estate market in Seattle’s Eastside cooled down somewhat a couple of years ago, things definitely picked up in 2020. The average sale price of a home in Seattle was $739K last month, up 5.9% since last year. In Seattle’s competitive housing market, some buyers will surely want to take advantage of anything keeping rival suitors on the bench. We should continue to see a surging to frenzy market for the foreseeable future. Champions Real Estate Services Redfin Corp. Only showing 5 of study prepared by the Washington State Economic and Revenue Forecast Council, 30+ Questions To Ask A Real Estate Agent Today, Percentage of Homes That Go Pending In First 30 Days. Because there are less homes for sale and there are still many buyers trying to buy… the homes that do list are usually selling very fast. SEATTLE HOUSING MARKET Summary The Seattle Housing Market saw 1,142 new listings, 1,339 homes were for sale, while 753 homes sold in January in Seattle. Another capital city will take a housing market hit heading into 2021. Seattle’s housing market is getting crazy. As the expanding coronavirus outbreak slows economic activity, Waived all contingencies, <14 day close, all cash purchase at list. If you’re a buyer you will want to position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer. A new report has found that Seattle ranks No. 21 offers and the winner offered $1.37m all cash. Now seems to be an amazing time to sell your home as we are still seeing historically low inventory and high prices. Programs: City Funded (Minimum 50 years) - City Funded buildings represent direct investments by the Seattle Office of Housing to create affordable homes. The Seattle housing market has proven to be resilient during the coronavirus pandemic. See the top-ranked neighborhoods and homes in Seattle. The average days on market increased to 37 days, the percentage of sale price to listing price increased slightly to 100.4%, and the average sales price decreased. The percentage of homes that sold in the first 30 days is 61% indicating a Surging Market. My clients waived all contingencies and escalated to The Seattle housing market may not be the hottest in the country since it underwent a bit of cooling off this year, but it is still a pretty hot market. TREC: Info About Brokerage Services, Consumer Protection Notice. The jury is still out on the job market and population growth. We continue to have a sever shortage of inventory in Seattle at 1.1 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. 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. New listings Increased significantly in January. 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. The Seattle housing market is very competitive. Copyright: © 2021 Redfin. Looking for affordable housing in Seattle? Zillow’s housing market projections: Home sales will fall 60%, prices will dip 2-3% by Taylor Soper on May 4, 2020 at 7:13 pm May 4, 2020 at 8:48 pm Share 504 Tweet Share Reddit Email Housing Market Crash 2021: The housing reports are comprehensive assessments and predictions of US Housing markets drawing insight from NAR, CAR, Corelogic, Wall Street Journal, Freddie Mac, tradingeconomics, statista, and more industry sources. According to the US Census Bureau Seattle the fastest growing city of the decade in the country. Check out the latest US stats, and discover when you should buy or sell. Definitions of Terms . The housing market was on fire in 2020 with an estimated 8.4% YoY growth rate. Homes in Seattle receive 4 offers on average and sell in around 16 days. Seattle continues to enjoy a healthy and thriving real estate market, particularly within the rental housing market. Here’s what happened last month in the Seattle-area housing market: Home prices and pending sales fell slightly, but closed sales rose to the highest level ever seen during an October—over 3,000 sales. Houses in the 750k-1mil price range are selling 76.8% of the time in the first 30 days. The average homes sell for around list price and go pending in around. The average sale price per square foot in Seattle is $493, up 9.2% since last year. — most errands can be accomplished on foot. The coronavirus pandemic that took over much of 2020 led to some unexpected outcomes in the housing market.After a brief initial period of low activity in home sales, homebuyer activity vastly outweighed available homes throughout much of the U.S. for the remainder of the year as people sought more space, ideal home features and affordability. With most non-essential activity banned, viewings and real estate activity are slowing. So how is Coronavirus affecting the housing market in Seattle? That buyers are so hungry for inventory that lower quality inventory is selling.  New Listings, Pendings and Solds are all way above average but the average sales price went down for the second consecutive month. Hence why I think it’s time to start worrying about the housing market again. The average sale price per square foot in Seattle is $495, up 9.3% since last year. The Seattle home price was up by 6% in February 2020, from a year ago. 1 for the health of its real estate market among all large cities in the U. S. , based on a wide variety of criteria. This went on for several years, starting in late 2012 and continuing through 2018. Homes in Seattle receive 4 offers on average and sell in around 16 days. Updated January 2020: By searching, you agree to the Terms of Use, and Privacy Policy. We can consult with you to be up-to-date with current market intensity and pricing, get pre-approved or fully underwritten through a lender, and receive email/text notification of newly listed properties. Listings are selling at 100.4% of their list price. Both of the these factors have driven people to the more affordable and more space that is available in Snohomish and Pierce County. As you can see from the charts above unemployment is only slightly higher that it was prior to the event. According to Zillow, it’s going to be more affordable to invest in Seattle real estate next year than it’s been in years. Really, the Seattle housing market is thriving. Wondering what Seattle housing prices are like? As you can see from the table above anything below 5 months is considered low.  Low inventory means higher demand.  Higher demand drives the price up. The majority of these apartments are rent-restricted and require income verification. We can throw those out the window this year.  As we have stayed fairly steady right through winter. 89 elementary schools. The Seattle Housing Market 2020 - Find out the 7 factors impacting the market, and if it is a good time to buy, refinance or invest in Seattle real estate. Copyright ©2021 John L Scott Ballard | Madrona Group | Sitemap | Privacy Policy | Best Lynnwood Real Estate Agents | Agent Resources | DMCA, 30+ Questions To Ask Real Estate Agent Pros, Home Prices, Interest Rates, Real Estate Statistics, Video and Charts, The Seattle Housing Market Analysis INFOGRAPHIC, The Seattle Real Estate Market Analysis For February 2021, Enjoy My Seattle Housing Market Report in 60 Seconds Video, “Over the past year, Washington’s ranking in economic growth and competitiveness rose from fifth highest to fourth highest in the nation, according to a SeptemberÂ. 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 61% of homes are selling in the first 30 days. According to both Zillow and John L Scott’s massive data set we should be just getting geared up for real estate for the new year. Redfin reports that the average selling price of Seattle houses for sale is $675,000; meaning Seattle house prices are down 0.44 percent from last year. Author: Angela Poe Russell Published: 2:19 PM PDT June 14, 2019 Updated: 2:19 PM PDT June 14, 2019 SEATTLE … Considering moving the Pacific Northwest? 1,142 new listings went on the market this month. But I have seen the mark and start to soften up a little in the last month or so it … 1.1 months of inventory available in Seattle, 37 was the average days on market for a home to sell in Seattle, 100.4% was the average listing price vs. sales price percentage, $506 was the average price per square foot in Seattle, 61% of homes sold in the first 30 days in Seattle. Patent pending. 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. In today’s instant-response market, it’s key to ensure you’re ready to act when the timing is right and make sure you are Buyer Ready Day One. The average sale price of a home in Seattle was $739K last month, up 5.8% since last year. How We Are Navigating Business During The Crisis. Inventory is at 1.1 months of supply indicating a Severe Shortage. The average days on market increased to 37 days, the percentage of sale price to listing price increased slightly to … The Seattle Housing Market saw 1,142 new listings, 1,339 homes were for sale, while 753 homes sold in January in Seattle. In comparison 5 years ago the average sales price was $655,897. The national Case-Shiller home price index, released Tuesday, showed Greater Seattle had one of the coolest housing markets in all the land when looking at the full metro area. 61% of homes are selling in less than 30 days in Seattle. The February report from NWMLS showed the housing market in Seattle saw low inventory and growth in sales. Due to various reasons Seattle housing market will see a 15% drop in prices in 2021. This month, the real estate research team at Zillow predicted that the median home value in Seattle would decline by -2.6% over the next 12 months. There were multiple offers, my Buyer waived all contingencies and went well above the listed price. On Monday, March 16, the Northwest MLS (NWMLS) put a temporary ban on public open houses and broker opens to slow the spread of disease. Seattle is among hottest U.S. housing markets — and prices are rising fast on the cheapest homes Sep. 29, 2020 at 7:36 am Updated Oct. 1, 2020 at 2:28 pm … This is due to - New H1B Rules - Cool down of 2020 spike - Boeing layoffs so make your moves carefully. By Nick Bowman August 19, 2020 at 5:21 am (Stephen Brashear/Getty Images for Redfin) The Kirkland, WA housing market is very competitive, scoring 88 out of 100. That is down 278 from the previous month, up 145 from last year, and up 106 from 5 years ago. Windermere Real Estate Midtown Redfin Corp. Tyler Freed • Windermere Real Estate/PSK Inc RE/MAX Northwest Realtors. As you can see in the Seattle housing market homes in the 350-1 million price range are the most commonly listed and sold.  However, homes in the 500k-1m price range sold the fastest. The major indicators are still above average for Seattle but much cooler than their neighboring counties to the north and south. 1,339 homes were for sale during the month. The average Kirkland house price was $980K last month, up 41.5% since last year. The Seattle housing market is very competitive. Which means your buying power has never been higher.  We should start to see inventory pick up after the Super Bowl. Check out these Seattle housing market hacks to navigate changes in the market, new lending guidelines, and the costs, so you can claim all the advantages of buying that new home this year. That said, here’s a look ahead at 2021 housing market trends and forecasts for Bellevue, Kirkland, Redmond, Sammamish, and other cities that make up the Eastside. Seattle Housing Market Recap. Amazon. October market data from the NWMLS is available. All rights reserved. According to Realtor.com’s Housing Market Recovery Index, the Seattle metro area crossed the benchmark for recovery back in June 2020 and has been doing well ever since. Read About How We Are Navigating Business During The Crisis. Many homes get multiple offers, some with waived contingencies. Daryl Fairweather, chief economist, Redfin Fairweather said she is … The data tells a story about the current state of our local residential real estate market. Specially suburban north of Seattle like lynnwood, Bothell, Millcreek and others. More from The Active Times: After the coronavirus pandemic came into being, the housing market forecast runs the gamut from optimistic to … Use our complete list of NWMLS search tools to find your Snohomish County Dream Home. The Housing Market. If you are looking for homes from 0-500k you are seeing more inventory. Their offer wasn’t the highest offer but they were…, 10 most walkable neighborhoods in Seattle, 10 most bikeable neighborhoods in Seattle, 10 most transit-friendly neighborhoods in Seattle. Expect a return to balance for the Seattle-area housing market. Inventories still historically low homes are still selling fast and for over asking.. How much is your home worth? Coming off of the roller-coaster ride that was 2020, the 2021 housing market could hold a few surprises of its own. With only 1.1 months of supply if no other homes were listed in the next 33 days we would run out of houses to buy. Also, there … 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. Median rent prices, meanwhile, showed a shallow dip over the course of … Share . In conjunction with the fact that homes priced in the $250-350k range are only selling in the first 30 days 30% of the time compared to 74% of the time for homes priced from $500k to $1m.  Condos seem to be less desirable as they are taking on average 26 days longer to sell. These 13 housing crash factors will shape the housing market. 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. If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732. , with many nearby public transportation options.