Seattle Housing Market Trends – 2020/Oct

The Seattle housing market continues to see low inventory and high competition last month, October. Let’s take a look at the most recent housing market stats in King County, Seattle.

For Sale, Sold, and Pended Homes:

* Information and statistics derived from Northwest Multiple Listing Service.

There were 2,318 listings in October, a 5.8 percent decrease from the previous month and a significant 37.3 percent decrease from the same month last year.

2,820 completed transactions, a 2 percent increase from last month and a significant 31 percent increase from the same period last year.

Pended 2,970 homes, 4.2% lower than last month and 29.5% higher than last year

Average price per SQFT (Sold):

* Information and statistics derived from Northwest Multiple Listing Service.

October listings averaged $398 per SQFT, down 0.3 percent from last month and up 12.1 percent from the same month last year.

Avg Price for Sale & Sold:

* Information and statistics derived from Northwest Multiple Listing Service.

The average price of a Single Family Home in October was $919,000, a decrease of 0.4% from last month and an increase of 13.6% over the same month last year.

Months of Inventory Based on Pended Sales:

* Information and statistics derived from Northwest Multiple Listing Service.

October real estate market listings with only 0.8 months of inventory left, unchanged from last month and 53% lower than last year.

From the October Stats, we are still in a market with an extremely low inventory, buyers are still active, and the number of sold and pending homes is much higher than the number of listings, with that said, the supply is much lower than the demand. It happened why it is so hard for home buyers even during a pandemic.

Good news! GPS offers exclusive off-market deals of real estate listings, you don’t have to compete with buyers in the market. If you have any questions or thoughts about buying, selling or renting a home in Seattle, please reach us @ (425) 243-5082, hi@gpsrenting.com,

Or add us on WeChat GPSSeattle to talk about your needs!

Wish everyone to stay healthy and the Pandemic will be over soon!