Competition for homes remains fierce in Seattle. Here’s what you can expect in the coming months.
Today I’ve got the latest statistics and information from the Seattle real estate market to share with you.
The Seattle area continues to lead the nation in price appreciation. That’s 17 straight months now. The median single-family home price in Seattle is now up to $820,000. That’s up 17% from just a year ago. Condo values are up by 22% to $527,000 as well.
As we enter the traditionally busy spring season, we expect competition for homes to remain fierce. Multiple offers will still be the norm. Five, even 10 offers on a home won’t be uncommon. We’ve been seeing more buyers expand their searches to outlying areas of Seattle, but the competition remains fierce there as well. We recently had a listing in Federal Way that got 21 offers.
What’s the driver behind all of this? The story hasn’t changed much. Seattle continues to have a strong local economy driven by a tech industry boom and high demand from well-paid workers who realize it makes more sense to buy than to rent.
"It’s a fantastic time for home sellers to get on the market."
Inventory remains really low at 0.83 months. A normal, balanced market has five to six months.
If you're a buyer, be prepared for a lot of competition. The more prepared you are with the right agent who knows how to compete in this market, the better off you will be.
For home sellers, it’s a fantastic time to get on the market. You will have high demand for your home, if you take time to prepare it, and you’ll be very happy with your return on investment.
If you have any questions about buying a home, selling a home, or the market in general, give us a call or send us an email. We look forward to hearing from you.