Seattle Housing Report For March 2020

Dated: 03/11/2020

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Seattle Housing Report for March 2020

EXTREME FRENZY SEATTLE HOUSING MARKET

"It's Multiple-Offer Everything” in Seattle, with unsold inventory down 38% in Feb. 2020, compared to Feb. 2019. Inventory is at an extreme shortage up to $1million (82% of Sales Activity Takes Place in this Range), and sales activity intensity is at an Extreme Frenzy. Historically low interest rates should help the housing market sustain strong momentum during the coronavirus outbreak. 
Luxury homes in Seattle priced in the $1million to $1.5million range will see frenzy sales activity intensity in the spring. Sales activity intensity will be strong in the Spring for homes in the $1.5million to $3million price range.  ~J Lennox Scott

The Seattle Real Estate Market Analysis For March 2020

A few things that really stuck out to me as I was compiling the Seattle Housing Market stats.

Interest Rates Are at a Historic Low of 3.23% According To Mortgage News DailyCLICK TO TWEET
  • The Average Sales Price has dropped the last 2 months
  • 956 Pending Sales is the most in February for more than 10 years.
  • Average of 43 Days On Market Despite an Extreme Frenzy market
  • Seattle now has Less than 1 Months Supply of Inventory
  • Homes are Selling for .6% higher than they are Listed
  • More Homes Sold this February than any previous February over the last 10 years

What that story tells me is 3 things:

1. People are not putting their homes on the market right now.

I have seen reports suggesting that people are staying in their houses longer and that some people are not selling their house when buying a second house.  Many people just like to wait until the spring to sell.

2. Winter is the New Spring!

We are nearing the end of  winter market in real estate and the Seattle housing market is in a Frenzy state.  73.3% of new listings went pending in the first 30 days on the market.

The number of new listings that came on the market in September was 1,366, October was 1,181, November was 679, December was 388, January was 815, February was 1,093. We are seeing more new listings than pending sales.

3. Buyers are hungry for new listings.

“After another year of employment stability, Washington economists predict more of the same in 2020.” (Seattle Times)

According to the Seattle Times and US Census Bureau Seattle is the fastest growing city of the decade.

With still amazingly low interest rates, strong job growth, more people moving to Seattle than anywhere else in the country, and a low level inventory the last couple of years the Snohomish County real estate market should remain in the surge to frenzy status through 2020.

If you are selling the average sales price is at all time highs, and 73.3% of homes are selling in the first 30 days.

If you are buying the interest rates have never been lower and this is typically the time of year when more listings start coming on the market.

There are 3 important steps you should take to get ready to buy.

Position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer.

The Madrona Group can consult with you to be:

  1. Up-to-date with current market intensity and pricing
  2. Get pre-approved or fully underwritten through a lender,
  3. Receive email/text notification of newly listed properties

In today’s instant-response market, it’s key to ensure you’re ready to act when the timing is right.

Read More:  https://www.themadronagroup.com/king-county-real-estate-market-trends/

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Jason Fox

The best way to find yourself is to lose yourself in the service of others. ~ Gandhi Jason Fox was born in Everett, WA currently lives in the Meadowdale neighborhood in Lynnw....

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