Seattle Housing Market Trends – 2020/Sep
The Seattle housing market set a record high median sales price in August 2020! Regardless of the entirety of the recent developments, we keep on observing record-high home estimations.
First, the normal home sold above asking price. There are an enormous number of homes going onto the market and they’re rapidly being grabbed up by purchasers, so stock stays low and the market keeps on being profoundly serious.
Secondly, home loan rates are still extremely low, which means homes are more reasonable than any other time in recent memory.
Median Sales Price is $760,000, which is up 12.4% year over year, with super low inventory in the market. The average house in Seattle was sold over the asking price at 2.5% above. The interesting thing is the houses selling last year on average were below the asking price. The above asking price was seen in the Sub-urban areas on the north side, and also on the east side. MLS data shows that in August, Seattle King County listed a total of 2,705 units, a decrease of 37.6% from 4,337 units last year.
In August, the number of pending units was 3,316, which was much more than the 2,705 units on the market, Most of the houses are in a pending state within 7 days of listing, Shows that the Seattle real estate market has been consuming inventory.
There is only one month of inventory left in August, which means that the units currently on the market will be consumed within one month, a decrease of 41.7% from the 1.7 months in the same period last year.
Tight housing inventory is one of the main reasons for the soaring transaction prices in the housing market and the difficulty in finding housing.
What is making this insane price increment? Three things:
More Space
Individuals need greater houses and greater lots. Until Coronavirus, we had to keep on observing a purchaser’s inclination for littler homes in more thick and walkable neighborhoods. Yet, with this additional time at home, the purchaser request has moved to need more rooms and more open-air space.
Low stock
With new development being put on a multi-month delay because of Coronavirus and the unbelievably costly expense of products and the lack of labor, new homes are not being finished true to form. Also, people don’t generally need to move in this, and they would prefer not to be purchasers in this serious market, so we have some eventual vendors selecting to remain in their home rather than sell.
Historical low-interest rate
Cash has never been this modest in the course of my life, and it is helping prop up purchasers spending power so they can bear the cost of these quickly rising prices.
If you want to share more specifically about your situation and get our thoughts and how it applies to you, I’d love to hear your story and help, come up with a plan that works for you the best.
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