Low inventory and higher prices continue to create a sellers’ market in Seattle and the Puget Sound region. This frenzied market is now reaching into most counties in western Washington. Buyers are encountering multiple offers in their attempts to purchase homes and condos. All cash offers are dominating the market, and many homes are selling 20% or more above list price. For those buyers with mortgages, in this escalating market we are seeing more low appraisals, leading to buyers having to bring more cash to the table.
Some interesting highlights for the 1st Quarter of 2017.
- ¨Days on market, the time it takes for a home to go from listing to pending, increased 17.4% (from 23 to 27 days) for single family homes (SFHs) and 4.2% for condos. This increase is likely because buyers, with little to choose from in the market, are purchasing properties that have been sitting on the market.
- The median SFH price in Seattle is now $650,000 with an average of $730,000.
- Although new listings are down from 1st Quarter 2016, there was a 50% increase in listings from February to March this year.