March 2020 Seattle Housing Market Report

SEATTLE - March 5, 2020 - PRLog -- We are nearing the end of the 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 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

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

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

What that story tells me is that people are not putting their homes on the market right now, and buyers are hungry for new listings.

View The Complete Report:  https://www.themadronagroup.com/king-county-real-estate-market-trends/

https://youtu.be/KDnqaBVL5GQ



SEATTLE MARKET STATS BY INFOSPARKS:

• $747,851 was the average sold price for listings in Seattle.
• 1,093 new listings were added to the MLS for Seattle this month.
• 1,047 homes were for sale during the month.
• 955 homes went pending in Seattle.
• 722 homes sold this month
• 1.6 months of inventory available in Seattle
• 43 was the average days on market for a home to sell in Seattle
• 100.6% was the average listing price vs. sales price percentage
• $498 was the average price per square foot in Seattle
• 3.23% was the interest rate
• 73% of homes sold in the first 30 days in Seattle

SUMMARY

The average days on market decreased slightly to 43 days, the percentage of sale price to listing price increased slightly to 100.6%, and the average sales price decreased slightly.  The percentage of homes that went pending in the first 30 days increased to 73.3%.  Showing that with the job growth rate remaining high and interest rates low, people are hungry for new listings.

We should continue to see a surging to frenzy market through the year 2020.