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Houses in the 0-$350K price range are selling 46.3% of the time in the first 30 days. People buying houses they were allowed to tour for 15 minutes. People waiving all their contingencies and bidding the price of the home up by $50-200K. Sellers that are Market Ready Day One are still seeing their homes sell swiftly and for top dollar.
The Seattle Housing Market saw 724 new listings, 1,668 homes were for sale, while 613 homes sold in November in Seattle. 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. Listings are selling at 98.2% of their list price on average. As you can see from the table above anything below 5 months of inventory is considered low. This article will be about the current and future state of the Seattle area housing market. The current median home sale price is $675,000, down from April's high of $757,750.
SEATTLE HOMES FOR SALE
As explained by our team of real estate experts, the average home prices in Seattle differ by type of home and area in the city. Apart from identifying the prices of homes in the city, many make the mistake of relocating without factoring in the cost of living and other expenses. Our experts advise considering these too so you can plan your budget holistically. Beaux-Arts has a median listing price of $2.3M, and it remains the most expensive city in King County. This article will talk about how the housing market in the Seattle area is right now and its forecast for next year. The Seattle real estate market has been hot since the pandemic but things are changing now.
However, aspiring residents are often intimidated to live here due to high housing costs. There are 63 cities in King County, where Realtor.com has active listings. Drought risk is based on water stress, which estimates how much of the future water supply will be used for human purposes, like watering the lawn. Heat risk estimates how much climate change might increase the typical number of hot days in a year and the likelihood of extreme heat and heatwaves. Now is still a good time to sell your home as we are still seeing low inventory and historically high prices. We have seen virtually all of the "premium pricing" fade away through the winter season.
Seattle Housing Market Trends
The average homes sell for about 2% below list price and go pending in around 13 days. The average homes sell for about 1% below list price and go pending in around 27 days. The average homes sell for about 1% below list price and go pending in around 15 days. There’s been a shift in price trends in Seattle’s housing market since 2000.
There were 693 homes sold in October this year, down from 1,200 last year. The median asking price for a home in King County was $840K in November 2022, which is an increase of 12 percent year over year. If the Median Listing Price is increasing, the market is likely “hot,” and homes will sell more quickly. In September, homes in King County sold for approximately the asking price.
How to buy a home in Seattle, WA
This demand and supply constraint is affected by zoning regulations and the high costs of building materials. The pandemic drove prices of building materials to record highs between May 2020 and May 2021. Given its security, appealing job opportunities that come with inflated salaries as well as surrounding flora and fauna, it’s no wonder that house prices are always on the rise. The current typical home value of homes in Seattle is $927,525 .ZHVI represents the whole housing stock and not just the homes that list or sell in a given month. Seattle home values have gone up 7.1% since last October.
The notion that these workers can afford anything in Seattle has driven prices of goods and services upwards – one that resulted in the high cost of housing. The mortgage rates in the city are considered as historically low. It made borrowing more affordable, especially for those with good credit histories, thus fuelling demand in a market with supply constraints. West Seattle is predominantly occupied by families due to the abundance of single-family homes.
Seattle has a track record of being one of the best long-term real estate investments in the U.S. Inventory levels increased a bit but are still what we consider low inventory. This last year we hit all time record lows for the amount of homes for sale. When there are not many homes to buy and many people looking to buy homes that is simple Supply and Demand.
IHS Global Insight ranks Seattle as the 11th largest metropolitan economy in America, making it a perfect place to do business. This is another driving factor because, with an increase in population, demand rises, so the cost of housing inclines. During the twelve months, from 2021 Q2 – 2022 Q2, the Seattle appreciation rate has been 12.16%. The trend for median days on market in Seattle, WA has gone up since last month, and slightly up since last year. The latest migration analysis is based on a sample of about two million Redfin.com users who searched for homes across more than 100 metro areas.
With inventory levels still substantially below the long-term average, there cannot be a big increase in supply in the future. Seattle is unlikely to become a buyer's market in 2023, but it could be a much more balanced market. The days of sellers “having the upper hand” are over, and they will need to become more realistic as precise pricing becomes more crucial than ever. The percentage of new listings that go pending, or under contract, in the first 3o days.
We are starting to see home inspections become the norm again. We deep dive into what story the statistics are telling us. Next we will hear from the 24th most influential person in real estate, Lennox Scott and what he sees happing in the Seattle market.
Iron and steel increased by over 73% during that period too. While lumber prices have declined by 20%, the gap between supply and demand is still not bridged. The continuous imbalance in supply and demand is the major factor responsible for the high housing costs in Seattle.
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