Brisk housing activity continued in May despite the coronavirus pandemic and the economic downturn. Sales were helped by having more virtual tours to view homes, drone photos and interactive floor plans among others features. Also, the protocols set by the government and followed by the agents boosted client confidence in touring.
King County residential properties experienced a shortage of double digits in active and new listings. Pending and closed sales followed the same trend and the median price dropped to $672,000.
In the rest of the Puget Sound region, Snohomish, Pierce and Kitsap counties, prices remained up but other indicators mirrored King County.
According to various members of NWMLS and our own experience, anything under 1 million was sold fast. Multiple offers and waived inspections were common again in May.
Buyers are moving to the suburbs, especially looking for single-family homes with backyards. This is likely related to the pandemic and its repercussions. Very low mortgage rates continue very favorable for now.
City of Seattle residential market
- Seattle median price for residential homes was $765,000, falling 2.52% from the same period last year.
- New listings plunged 30.45% from 1353 to 941.
- Months supply of Inventory was down 7.4% to 1.62 months.
- Pending Sales went down from 903 to 799 units.
- Sold residential properties declined 36.08% to 505 units.
King County areas where median prices moved higher, around 20%
- Queen Anne- Magnolia median price, a neighborhood in Seattle, reached $1,229,000 that is 24.14% year over year.
- Des Moines – Redondo median price was up to $497,997
- Black Diamond – Maple Valley climbed to $571,500
Seattle median condo prices decreased 2% to $485,000 and the month supply of inventory went up to 4.01 months. This last indicator, which is a measure of whether or not supply is meeting demand, rose 62% YOY. A balanced real estate market according to the industry varies between four to six months. This is surprisingly good news for condo hunters.
Don’t miss the infographic below.
- YOY: year over year.
- DOM: Days on market
- Residential properties include single family homes and townhouses
- Months Supply of Inventory means how many months would it take to sell all of the homes currently available for sale.
- NWMLS : Northwest Multiple Listing Service